Tudor Investment Corp ET AL Trims Holdings in First BanCorp. $FBP

Tudor Investment Corp ET AL trimmed its stake in First BanCorp. (NYSE:FBP) by 37.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 457,398 shares of the bank’s stock after selling 273,348 shares during the quarter. Tudor Investment Corp ET AL’s holdings in First BanCorp. were worth $10,086,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FBP. Norges Bank purchased a new position in First BanCorp. during the 2nd quarter valued at about $41,404,000. Boston Partners lifted its position in First BanCorp. by 767.8% in the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after acquiring an additional 1,116,791 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of First BanCorp. by 82.9% during the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after buying an additional 649,987 shares during the last quarter. Verition Fund Management LLC boosted its holdings in shares of First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after acquiring an additional 548,164 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in First BanCorp. by 176.1% in the third quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock worth $18,123,000 after purchasing an additional 524,256 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

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

First BanCorp. Price Performance

Shares of FBP stock opened at $21.72 on Monday. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 1.35 and a beta of 0.83. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $23.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $21.64 and its 200-day simple moving average is $21.14.

First BanCorp. (NYSE:FBP) last released its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $256.18 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Thursday, February 26th were paid a $0.20 dividend. The ex-dividend date was Thursday, February 26th. This represents a $0.80 annualized dividend and a dividend yield of 3.7%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is presently 37.21%.

Analyst Upgrades and Downgrades

FBP has been the subject of several recent research reports. Piper Sandler reissued a “neutral” rating and set a $24.00 price target (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Wells Fargo & Company raised their price objective on First BanCorp. from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods boosted their target price on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Hovde Group increased their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Finally, Truist Financial raised their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.75.

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.