First BanCorp. $FBP Shares Sold by Campbell & CO Investment Adviser LLC

Campbell & CO Investment Adviser LLC lowered its holdings in shares of First BanCorp. (NYSE:FBP) by 68.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,597 shares of the bank’s stock after selling 163,743 shares during the period. Campbell & CO Investment Adviser LLC’s holdings in First BanCorp. were worth $1,689,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FBP. GAMMA Investing LLC acquired a new stake in First BanCorp. in the second quarter worth about $29,000. EverSource Wealth Advisors LLC increased its stake in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the period. Jones Financial Companies Lllp raised its position in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares in the last quarter. CWM LLC lifted its stake in shares of First BanCorp. by 93.4% in the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after acquiring an additional 2,567 shares during the period. Finally, Longboard Asset Management LP bought a new position in shares of First BanCorp. in the third quarter valued at approximately $204,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $21.30 on Friday. The stock’s fifty day simple moving average is $20.70 and its 200 day simple moving average is $21.12. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 1.18 and a beta of 0.88. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.60.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $248.71 million during the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same quarter last year, the company posted $0.45 EPS. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, November 28th. First BanCorp.’s dividend payout ratio (DPR) is presently 34.95%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a report on Wednesday, October 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price objective (down previously from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Truist Financial cut their price objective on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Piper Sandler started coverage on First BanCorp. in a report on Thursday. They set a “neutral” rating and a $23.00 target price on the stock. Finally, UBS Group set a $25.00 price target on shares of First BanCorp. in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.80.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.