SG Americas Securities LLC Trims Stock Position in First BanCorp. $FBP

SG Americas Securities LLC trimmed its position in First BanCorp. (NYSE:FBP) by 29.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,127 shares of the bank’s stock after selling 37,453 shares during the quarter. SG Americas Securities LLC owned about 0.06% of First BanCorp. worth $1,946,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FBP. EverSource Wealth Advisors LLC raised its position in shares of First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the period. First Horizon Corp purchased a new position in First BanCorp. in the fourth quarter worth approximately $40,000. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares during the period. State of Wyoming acquired a new stake in First BanCorp. during the fourth quarter worth $64,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in First BanCorp. during the fourth quarter worth $74,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

FBP has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Raymond James Financial boosted their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday. Piper Sandler upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, Truist Financial lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, First BanCorp. currently has an average rating of “Buy” and a consensus target price of $26.57.

First BanCorp. Trading Down 1.2%

FBP opened at $26.37 on Friday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $26.94. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $24.57 and a 200-day simple moving average of $22.69. The firm has a market cap of $4.08 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.60 and a beta of 0.82.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The firm had revenue of $258.64 million for the quarter, compared to the consensus estimate of $263.54 million. During the same quarter in the previous year, the business earned $0.47 EPS. On average, equities analysts expect that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, May 28th. First BanCorp.’s payout ratio is currently 35.56%.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.