First BanCorp. $FBP Stock Holdings Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in First BanCorp. (NYSE:FBP) by 2.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,697,525 shares of the bank’s stock after selling 42,918 shares during the quarter. Bank of New York Mellon Corp’s holdings in First BanCorp. were worth $36,259,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FBP. WINTON GROUP Ltd bought a new stake in shares of First BanCorp. in the 4th quarter valued at approximately $5,222,000. Quent Capital LLC bought a new position in First BanCorp. during the fourth quarter valued at approximately $1,874,000. Novem Group acquired a new stake in First BanCorp. in the fourth quarter valued at approximately $1,138,000. SG Americas Securities LLC lifted its stake in First BanCorp. by 74.1% in the fourth quarter. SG Americas Securities LLC now owns 128,580 shares of the bank’s stock valued at $2,665,000 after acquiring an additional 54,713 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in First BanCorp. by 147.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank’s stock worth $7,667,000 after acquiring an additional 220,318 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Down 0.3%

NYSE FBP opened at $28.78 on Friday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.00. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.75 and a beta of 0.82. The stock’s 50 day moving average is $25.66 and its two-hundred day moving average is $23.35. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. Equities analysts forecast that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders 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 yield of 2.8%. The ex-dividend date is Thursday, August 27th. First BanCorp.’s dividend payout ratio is currently 33.76%.

Analyst Ratings Changes

Several brokerages have recently commented on FBP. Raymond James Financial increased their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Zacks Research upgraded shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a report on Thursday. Wells Fargo & Company increased their target price on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Finally, Benchmark increased their price target on First BanCorp. from $31.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average 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.