Bank of America Corp DE Acquires 294,888 Shares of First BanCorp. $FBP

Key Points

• Bank of America increased its First BanCorp. stake by 22.1% in the first quarter, acquiring 294,888 shares and bringing its holdings to 1.63 million shares worth approximately $34.8 million. Institutional investors collectively own 97.91% of the company.
• First BanCorp. reported quarterly EPS of $0.62, exceeding the $0.54 consensus estimate, while revenue totaled $264.86 million. The bank also announced a quarterly dividend of $0.20 per share, representing a 2.7% annualized yield.
• Analysts remain generally bullish, with the stock carrying a consensus “Buy” rating and an average price target of $29.38; several firms recently raised their targets to between $30 and $33.

Bank of America Corp DE raised its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 22.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,630,778 shares of the bank's stock after acquiring an additional 294,888 shares during the period. Bank of America Corp DE owned approximately 1.05% of First BanCorp. worth $34,833,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. California State Teachers Retirement System raised its holdings in First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank's stock worth $3,151,000 after purchasing an additional 529 shares during the period. 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 worth $30,000 after acquiring an additional 560 shares in the last quarter. Measured Wealth Private Client Group LLC grew its stake in First BanCorp. by 1.9% in the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank's stock valued at $769,000 after acquiring an additional 656 shares during the period. Baron Wealth Management LLC grew its stake in First BanCorp. by 7.1% in the first quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank's stock valued at $325,000 after acquiring an additional 1,011 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after acquiring an additional 1,129 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Up 1.1%

FBP stock opened at $29.71 on Friday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.78. The business's 50 day simple moving average is $27.17 and its 200 day simple moving average is $24.17. 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 capitalization of $4.54 billion, a PE ratio of 12.54, a PEG ratio of 1.58 and a beta of 0.81.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The business had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. As a group, research analysts anticipate that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. First BanCorp.'s payout ratio is presently 33.76%.

Wall Street Analysts Forecast Growth

FBP has been the topic of several recent analyst reports. Zacks Research upgraded First BanCorp. from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. Truist Financial raised their target price on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $28.00 to $33.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Raymond James Financial upped their price target on shares of First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a report on Wednesday, July 1st. Four analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $29.38.

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.

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