Corebridge Financial Inc. Lowers Stock Position in First BanCorp. (NYSE:FBP)

Corebridge Financial Inc. trimmed its position in First BanCorp. (NYSE:FBP) by 7.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,221 shares of the bank’s stock after selling 6,733 shares during the quarter. Corebridge Financial Inc.’s holdings in First BanCorp. were worth $1,603,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of First BanCorp. by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank’s stock worth $398,981,000 after purchasing an additional 63,304 shares in the last quarter. State Street Corp boosted its holdings in First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after buying an additional 347,271 shares during the period. American Century Companies Inc. increased its stake in First BanCorp. by 1.2% in the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank’s stock worth $125,001,000 after buying an additional 78,129 shares in the last quarter. Geode Capital Management LLC raised its holdings in First BanCorp. by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after acquiring an additional 112,432 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of First BanCorp. by 1.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock valued at $24,751,000 after acquiring an additional 16,432 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wells Fargo & Company cut their target price on 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. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Trading Up 1.0 %

Shares of FBP stock opened at $19.38 on Thursday. The stock’s 50-day moving average price is $19.57 and its 200-day moving average price is $19.87. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 10.71, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the previous year, the business posted $0.46 EPS. Equities research analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.72%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is 39.78%.

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.