First BanCorp. (NYSE:FBP) Stock Position Cut by Choreo LLC

Choreo LLC trimmed its holdings in First BanCorp. (NYSE:FBP) by 10.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,186 shares of the bank’s stock after selling 1,173 shares during the quarter. Choreo LLC’s holdings in First BanCorp. were worth $189,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in FBP. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of First BanCorp. during the 4th quarter worth $420,000. EMC Capital Management grew its position in First BanCorp. by 129.9% during the 4th quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock worth $426,000 after purchasing an additional 12,943 shares in the last quarter. R Squared Ltd purchased a new stake in First BanCorp. in the 4th quarter worth about $28,000. KBC Group NV boosted its holdings in shares of First BanCorp. by 61.7% during the fourth quarter. KBC Group NV now owns 8,464 shares of the bank’s stock worth $157,000 after purchasing an additional 3,230 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after acquiring an additional 542 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $20.39 on Friday. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.41 and a beta of 1.14. 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 1-year low of $16.24 and a 1-year high of $22.40. The firm’s 50-day moving average price is $19.62 and its two-hundred day moving average price is $20.22.

First BanCorp. (NYSE:FBP) last announced its earnings results 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 period in the prior year, the firm earned $0.46 earnings per share. On average, equities 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 announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

Analyst Ratings Changes

Several brokerages have recently commented on FBP. Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Hovde Group cut their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Wells Fargo & Company cut their price objective 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 research note on Thursday, October 24th. Two equities 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.40.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the sale, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.50% of the stock is owned by corporate insiders.

About First BanCorp.

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.