X Square Capital LLC Cuts Position in First BanCorp. $FBP

X Square Capital LLC trimmed its position in First BanCorp. (NYSE:FBP) by 64.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,096 shares of the bank’s stock after selling 172,813 shares during the quarter. X Square Capital LLC owned 0.06% of First BanCorp. worth $1,951,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FBP. Norges Bank purchased a new position in shares of First BanCorp. in the 4th quarter worth about $42,138,000. Boston Partners raised its holdings in shares of First BanCorp. by 767.8% in the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after purchasing an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd raised its holdings in shares of First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after purchasing an additional 649,987 shares during the period. Verition Fund Management LLC raised its holdings in shares of First BanCorp. by 31.6% in 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 during the period. Finally, Vanguard Group Inc. raised its holdings in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after purchasing an additional 413,557 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

FBP stock opened at $24.51 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $24.73. The stock’s 50 day moving average is $23.36 and its two-hundred day moving average is $21.99. The company has a market capitalization of $3.79 billion, a PE ratio of 10.89, a P/E/G ratio of 1.46 and a beta of 0.83.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The company had revenue of $258.64 million for the quarter, compared to the consensus estimate of $263.54 million. During the same period in the previous year, the business earned $0.47 EPS. Analysts predict that First BanCorp. will post 2.25 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.3%. First BanCorp.’s payout ratio is currently 35.56%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FBP shares. Raymond James Financial upgraded First BanCorp. from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $26.00 to $27.00 in a report on Monday, April 27th. Wells Fargo & Company raised their target price on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Piper Sandler raised their target price on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Truist Financial raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods raised their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $25.86.

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.