Dimensional Fund Advisors LP Lowers Stake in First BanCorp. $FBP

Dimensional Fund Advisors LP cut its stake in First BanCorp. (NYSE:FBP) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,893,229 shares of the bank’s stock after selling 165,786 shares during the period. Dimensional Fund Advisors LP owned about 0.05% of First BanCorp. worth $168,594,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FBP. Fifth Third Bancorp lifted its holdings in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after buying an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in First BanCorp. by 151.7% in 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 stake in First BanCorp. in the 4th quarter valued at about $40,000. Jones Financial Companies Lllp grew its stake in First BanCorp. by 328.8% in the 1st 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 in the last quarter. Finally, State of Wyoming bought a new position in First BanCorp. in the 4th quarter worth about $64,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 0.3%

FBP opened at $28.78 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.75 and a beta of 0.82. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.00. The stock has a fifty day moving average price of $25.66 and a 200-day moving average price of $23.35.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The company had revenue of $264.86 million for the quarter, compared to the consensus estimate of $265.31 million. As a group, equities research analysts anticipate that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, August 27th. First BanCorp.’s payout ratio is 33.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FBP shares. Benchmark upped their target price on First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday. Piper Sandler raised their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. Wells Fargo & Company lifted their price objective on First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Thursday. Finally, Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $28.75.

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.