69,000 Shares in First BanCorp. $FBP Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new position in shares of First BanCorp. (NYSE:FBP) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 69,000 shares of the bank’s stock, valued at approximately $1,474,000.

Several other institutional investors have also modified their holdings of FBP. Vanguard Group Inc. grew its position in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock valued at $445,017,000 after purchasing an additional 413,557 shares during the period. First Trust Advisors LP raised its holdings in First BanCorp. by 3.0% during the 4th quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank’s stock worth $89,850,000 after buying an additional 126,532 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in First BanCorp. by 4.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock worth $75,856,000 after buying an additional 171,580 shares during the period. Verition Fund Management LLC lifted its stake in First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after buying an additional 548,164 shares in the last quarter. Finally, Norges Bank bought a new position in First BanCorp. in the fourth quarter valued at approximately $42,138,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of several research reports. Weiss Ratings raised shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Truist Financial increased their target price on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Raymond James Financial lifted their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Wells Fargo & Company boosted their price target on First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $26.57.

First BanCorp. Stock Performance

Shares of FBP stock opened at $26.37 on Friday. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $26.94. The company’s fifty day simple moving average is $24.57 and its 200-day simple moving average is $22.69. The firm has a market cap of $4.08 billion, a PE ratio of 11.72, a P/E/G ratio of 1.60 and a beta of 0.82. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10.

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

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 28th were issued a $0.20 dividend. The ex-dividend date was Thursday, May 28th. This represents a $0.80 annualized dividend and a dividend yield of 3.0%. First BanCorp.’s dividend payout ratio (DPR) is presently 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.