Edgestream Partners L.P. Decreases Stock Holdings in First BanCorp. (NYSE:FBP)

Edgestream Partners L.P. lowered its position in First BanCorp. (NYSE:FBP) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 443,565 shares of the bank’s stock after selling 15,919 shares during the period. Edgestream Partners L.P.’s holdings in First BanCorp. were worth $8,113,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Neo Ivy Capital Management acquired a new stake in First BanCorp. in the fourth quarter valued at approximately $36,000. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. during the 1st quarter valued at $110,000. Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. during the 2nd quarter valued at $146,000. Choreo LLC acquired a new stake in shares of First BanCorp. in the 2nd quarter worth $207,000. Finally, Bailard Inc. purchased a new position in First BanCorp. during the 2nd quarter worth $216,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 0.1 %

First BanCorp. stock opened at $20.21 on Tuesday. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The stock has a 50-day moving average price of $20.49 and a 200 day moving average price of $18.51. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.38 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The business had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period in the prior year, the firm earned $0.37 EPS. Sell-side analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.17%. The ex-dividend date was Thursday, August 29th. First BanCorp.’s payout ratio is 36.57%.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the transaction, the executive vice president now owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the transaction, the executive vice president now owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,452 shares of company stock valued at $1,790,066. Company insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FBP. Hovde Group raised their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler began coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price for the company. Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on shares of First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.83.

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.