Bank of New York Mellon Corp Trims Position in First BanCorp. (NYSE:FBP)

Bank of New York Mellon Corp decreased its position in First BanCorp. (NYSE:FBP - Free Report) by 13.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,839,702 shares of the bank's stock after selling 282,012 shares during the quarter. Bank of New York Mellon Corp owned 1.13% of First BanCorp. worth $35,267,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in First BanCorp. by 103.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after acquiring an additional 703 shares during the period. Picton Mahoney Asset Management increased its stake in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after buying an additional 514 shares during the period. Federated Hermes Inc. lifted its holdings in First BanCorp. by 919.3% during the 4th quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock worth $75,000 after buying an additional 3,659 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of First BanCorp. by 806.0% in the fourth quarter. Sterling Capital Management LLC now owns 4,711 shares of the bank's stock worth $88,000 after acquiring an additional 4,191 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new position in First BanCorp. in the first quarter valued at $96,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

First BanCorp. Stock Down 0.3%

FBP traded down $0.06 on Friday, reaching $22.15. The company's stock had a trading volume of 470,780 shares, compared to its average volume of 1,106,819. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 1.29 and a beta of 0.93. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.40. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average of $20.68 and a two-hundred day moving average of $19.70.

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

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 29th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Thursday, May 29th. First BanCorp.'s payout ratio is currently 39.13%.

About First BanCorp.

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.