First BanCorp. $FBP Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its stake in First BanCorp. (NYSE:FBP) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,561 shares of the bank’s stock after selling 2,396 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in First BanCorp. were worth $866,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Xponance Inc. grew its position in shares of First BanCorp. by 5.0% in the first quarter. Xponance Inc. now owns 12,191 shares of the bank’s stock valued at $234,000 after purchasing an additional 584 shares during the period. Farther Finance Advisors LLC grew its position in shares of First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock valued at $27,000 after purchasing an additional 703 shares during the period. Covestor Ltd grew its position in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock valued at $83,000 after purchasing an additional 711 shares during the period. SummerHaven Investment Management LLC boosted its position in First BanCorp. by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 43,294 shares of the bank’s stock worth $902,000 after acquiring an additional 767 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in First BanCorp. by 2.7% during the first quarter. Envestnet Asset Management Inc. now owns 29,978 shares of the bank’s stock worth $575,000 after acquiring an additional 802 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of FBP opened at $20.50 on Thursday. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60. The firm’s 50 day moving average price is $21.75 and its 200 day moving average price is $20.75. The company has a market cap of $3.29 billion, a P/E ratio of 10.90, a PEG ratio of 1.13 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The firm had revenue of $246.81 million for the quarter, compared to the consensus estimate of $250.73 million. During the same period in the prior year, the firm earned $0.46 EPS. On average, research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, November 28th. First BanCorp.’s payout ratio is 38.30%.

Insider Buying and Selling

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the completion of the transaction, the chief executive officer owned 1,059,547 shares in the company, valued at $23,627,898.10. The trade was a 4.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FBP. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Truist Financial began coverage on shares of First BanCorp. in a research note on Thursday, October 9th. They set a “buy” rating and a $25.00 target price on the stock. UBS Group set a $25.00 target price on shares of First BanCorp. in a research note on Thursday, October 9th. Finally, Wells Fargo & Company lifted their target price on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.33.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.