Vest Financial LLC Purchases 60,155 Shares of First BanCorp. (NYSE:FBP)

Vest Financial LLC boosted its position in shares of First BanCorp. (NYSE:FBP) by 83.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 132,280 shares of the bank’s stock after buying an additional 60,155 shares during the period. Vest Financial LLC owned approximately 0.08% of First BanCorp. worth $2,459,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Gladius Capital Management LP purchased a new stake in First BanCorp. during the 3rd quarter valued at $25,000. R Squared Ltd purchased a new position in shares of First BanCorp. during the 4th quarter worth about $28,000. Blue Trust Inc. raised its position in First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC boosted its position in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. in the third quarter worth approximately $66,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Hovde Group lowered their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Piper Sandler decreased their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were 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 owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

NYSE FBP opened at $20.83 on Friday. 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. has a twelve month low of $16.12 and a twelve month high of $22.40. The stock has a 50-day moving average of $19.63 and a 200 day moving average of $20.27. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.41 and a beta of 1.14.

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

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.46%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s dividend payout ratio is 35.36%.

First BanCorp. Company 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.