Bank of New York Mellon Corp Has $35.27 Million Stock Position in First BanCorp. (NYSE:FBP)

Bank of New York Mellon Corp lowered its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 13.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,839,702 shares of the bank's stock after selling 282,012 shares during the period. Bank of New York Mellon Corp owned about 1.13% of First BanCorp. worth $35,267,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of FBP. Picton Mahoney Asset Management increased its holdings in shares of First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after buying an additional 514 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of First BanCorp. by 1.7% during the first quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank's stock worth $815,000 after buying an additional 693 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after buying an additional 703 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of First BanCorp. by 6.1% during the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock worth $235,000 after buying an additional 730 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its holdings in shares of First BanCorp. by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank's stock worth $315,000 after buying an additional 815 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

Separately, Wells Fargo & Company upped their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th.

First BanCorp. Trading Up 1.1%

Shares of NYSE FBP opened at $22.28 on Tuesday. The stock has a market cap of $3.60 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.48 and a beta of 0.93. The firm has a 50 day moving average price of $20.54 and a two-hundred day moving average price of $19.63. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. The business had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. First BanCorp. had a net margin of 24.46% and a return on equity of 18.22%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. As a group, equities analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 29th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date was Thursday, May 29th. First BanCorp.'s dividend payout ratio is presently 39.13%.

First BanCorp. Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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