Arrowstreet Capital Limited Partnership Increases Stake in First BanCorp. $FBP

Arrowstreet Capital Limited Partnership grew its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 48.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,661,695 shares of the bank's stock after purchasing an additional 871,860 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.72% of First BanCorp. worth $56,854,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock valued at $30,000 after purchasing an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 in the last quarter. First Horizon Corp acquired a new stake in First BanCorp. in the 4th quarter worth about $40,000. Jones Financial Companies Lllp boosted its holdings 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 buying an additional 2,262 shares during the last quarter. Finally, State of Wyoming purchased a new stake in First BanCorp. during the 4th quarter worth approximately $64,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Price Performance

First BanCorp. stock opened at $28.72 on Tuesday. The firm has a market cap of $4.44 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.75 and a beta of 0.82. First BanCorp. has a 52-week low of $19.16 and a 52-week high of $29.17. 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 company's 50 day moving average is $25.76 and its two-hundred day moving average is $23.42.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million for the quarter, compared to analyst estimates of $265.31 million. On average, research analysts expect that First BanCorp. will post 2.36 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.'s payout ratio is presently 33.76%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Zacks Research raised shares of First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Raymond James Financial raised 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. Truist Financial upped their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Piper Sandler increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, April 23rd. Finally, Benchmark raised their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, First BanCorp. presently has an average rating of "Buy" and a consensus target price of $28.75.

First BanCorp. Company Profile

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.

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