Cubist Systematic Strategies LLC Has $6.89 Million Position in First BanCorp. $FBP

Key Points

• Cubist Systematic Strategies LLC reduced its stake in First BanCorp by 19.2% during Q1, holding 359,322 shares worth approximately $6.89 million.
• First BanCorp announced a quarterly dividend of $0.18 per share, equating to an annualized dividend yield of 3.3%, with the payout set for September 12th.
• Wells Fargo & Company raised their price target for First BanCorp from $22.00 to $25.00 and rated the stock as "overweight," with a consensus rating of "Moderate Buy."

Cubist Systematic Strategies LLC reduced its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 19.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 359,322 shares of the bank's stock after selling 85,233 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.22% of First BanCorp. worth $6,888,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in FBP. Farther Finance Advisors LLC grew its stake in shares of First BanCorp. by 103.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after acquiring an additional 703 shares in the last quarter. Quarry LP grew its stake in shares of First BanCorp. by 191.2% in the first quarter. Quarry LP now owns 3,585 shares of the bank's stock valued at $69,000 after buying an additional 2,354 shares in the last quarter. Covestor Ltd grew its stake in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after buying an additional 711 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of First BanCorp. in the first quarter valued at $96,000. Finally, Perkins Coie Trust Co grew its stake in shares of First BanCorp. by 10.0% in the first quarter. Perkins Coie Trust Co now owns 11,000 shares of the bank's stock valued at $211,000 after buying an additional 1,000 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Performance

Shares of First BanCorp. stock traded down $0.29 during trading on Friday, reaching $22.05. The company's stock had a trading volume of 728,392 shares, compared to its average volume of 936,168. The business's 50-day moving average price is $21.51 and its 200-day moving average price is $20.10. The firm has a market cap of $3.54 billion, a PE ratio of 11.73, a P/E/G ratio of 1.37 and a beta of 0.97. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.60. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The company had revenue of $246.81 million during the quarter, compared to analysts' expectations of $250.73 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. Equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.72 annualized dividend and a yield of 3.3%. First BanCorp.'s dividend payout ratio is currently 38.30%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company raised their target price on shares of First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Insiders Place Their Bets

In related news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the completion of the sale, the chief executive officer owned 1,059,547 shares of the company's stock, valued at $23,627,898.10. This represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

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.