Dimensional Fund Advisors LP Sells 125,049 Shares of First BanCorp. $FBP

Dimensional Fund Advisors LP decreased its position in First BanCorp. (NYSE:FBP) by 1.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,102,840 shares of the bank’s stock after selling 125,049 shares during the quarter. Dimensional Fund Advisors LP owned about 5.05% of First BanCorp. worth $178,667,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FBP. Principal Financial Group Inc. boosted its position in shares of First BanCorp. by 14.4% in the third quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after acquiring an additional 114,931 shares during the period. Citigroup Inc. increased its position in First BanCorp. by 48.3% during the third quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock worth $8,884,000 after acquiring an additional 131,293 shares during the period. Bayforest Capital Ltd raised its stake in First BanCorp. by 191.9% in the 3rd quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock worth $898,000 after purchasing an additional 26,772 shares in the last quarter. American Century Companies Inc. boosted its holdings in First BanCorp. by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after purchasing an additional 616,170 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in First BanCorp. by 11.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after purchasing an additional 73,168 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FBP has been the topic of several recent research reports. Truist Financial raised their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Hovde Group raised their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Piper Sandler reaffirmed a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods upped their target price on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.58.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $20.66 on Monday. The company’s 50 day simple moving average is $21.76 and its 200 day simple moving average is $21.30. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 9.61, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $23.43.

First BanCorp. (NYSE:FBP) last released its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The firm had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, research analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be issued a dividend of $0.20 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.9%. First BanCorp.’s payout ratio is presently 37.21%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the transaction, the director owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at $1,391,537.07. This trade represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by corporate insiders.

First BanCorp. Profile

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.