Tudor Investment Corp ET AL Cuts Position in First BanCorp. $FBP

Tudor Investment Corp ET AL cut its holdings in First BanCorp. (NYSE:FBP) by 37.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 457,398 shares of the bank’s stock after selling 273,348 shares during the period. Tudor Investment Corp ET AL owned about 0.29% of First BanCorp. worth $10,086,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of First BanCorp. in the second quarter valued at about $41,404,000. Boston Partners boosted its holdings in shares of First BanCorp. by 767.8% in the third 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 raised its stake in shares of First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after buying an additional 649,987 shares in the last quarter. American Century Companies Inc. lifted its holdings in First BanCorp. by 8.9% in the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after acquiring an additional 616,170 shares during the period. Finally, Verition Fund Management LLC boosted its position 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 worth $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 0.1%

NYSE FBP opened at $20.56 on Monday. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 1.28 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 12 month low of $16.40 and a 12 month high of $23.43. The company’s fifty day moving average price is $21.65 and its two-hundred day moving average price is $21.19.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The business had revenue of $257.17 million for the quarter, compared to analysts’ expectations of $256.18 million. During the same quarter last year, the company posted $0.46 earnings per share. As a group, research analysts predict 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. Shareholders of record on Thursday, February 26th were given a dividend of $0.20 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a yield of 3.9%. First BanCorp.’s payout ratio is presently 37.21%.

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction 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. The trade was a 35.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roberto R. Herencia sold 4,723 shares of the business’s stock in a transaction that occurred on 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 sale, the director owned 637,019 shares in the company, valued at $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

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

First BanCorp. Company 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.