First BanCorp. (NYSE:FBP) Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its position in shares of First BanCorp. (NYSE:FBP) by 63.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the bank’s stock after selling 35,000 shares during the period. Hennessy Advisors Inc.’s holdings in First BanCorp. were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FBP. Mercer Global Advisors Inc. ADV boosted its position in First BanCorp. by 8.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock worth $217,000 after acquiring an additional 971 shares during the last quarter. Gladius Capital Management LP purchased a new position in shares of First BanCorp. during the 3rd quarter worth $25,000. Pathstone Holdings LLC boosted its holdings in shares of First BanCorp. by 0.9% during the third quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after purchasing an additional 1,435 shares during the last quarter. Blue Trust Inc. grew its position in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the period. Finally, CWM LLC increased its stake in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBP has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Hovde Group decreased their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Finally, Piper Sandler decreased their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

First BanCorp. Stock Up 0.9 %

Shares of NYSE:FBP opened at $19.59 on Friday. The stock has a 50-day simple moving average of $19.80 and a 200-day simple moving average of $20.14. The stock has a market capitalization of $3.21 billion, a P/E ratio of 10.82, a PEG ratio of 1.59 and a beta of 1.14. First BanCorp. has a 1 year low of $15.35 and a 1 year high of $22.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the transaction, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.

First BanCorp. Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.