Dimensional Fund Advisors LP Reduces Holdings in First BanCorp. $FBP

Key Points

• Dimensional Fund Advisors LP reduced its stake in First BanCorp. by 6.9%, holding approximately 8.64 million shares valued at about $165.60 million.
• First BanCorp. reported earnings per share of $0.50 for the last quarter, exceeding estimates by $0.03, with revenues of $246.81 million.
• The company announced a quarterly dividend of $0.18 per share, which represents an annual yield of 3.4% and a payout ratio of 38.30%.

Dimensional Fund Advisors LP cut its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 6.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,638,692 shares of the bank's stock after selling 636,018 shares during the period. Dimensional Fund Advisors LP owned 5.30% of First BanCorp. worth $165,602,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FBP. Allspring Global Investments Holdings LLC raised its stake in First BanCorp. by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock worth $843,000 after acquiring an additional 15,412 shares during the last quarter. Wells Fargo & Company MN boosted its position in First BanCorp. by 28.7% during the fourth quarter. Wells Fargo & Company MN now owns 98,810 shares of the bank's stock worth $1,837,000 after purchasing an additional 22,012 shares in the last quarter. Quantinno Capital Management LP grew its stake in First BanCorp. by 6.1% in the 4th quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock valued at $235,000 after acquiring an additional 730 shares during the period. Picton Mahoney Asset Management grew its position in shares of First BanCorp. by 3,703.7% in the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock valued at $1,153,000 after purchasing an additional 58,519 shares during the period. Finally, Royce & Associates LP acquired a new stake in First BanCorp. in the 1st quarter worth about $581,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Down 0.5%

First BanCorp. stock traded down $0.1010 during mid-day trading on Monday, reaching $22.1490. 934,912 shares of the company's stock were exchanged, compared to its average volume of 1,168,835. The company has a market cap of $3.55 billion, a P/E ratio of 11.78, a P/E/G ratio of 1.38 and a beta of 0.96. The company has a fifty day moving average of $21.14 and a 200-day moving average of $19.98. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40. 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 issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The company had revenue of $246.81 million for the quarter, compared to the consensus estimate of $250.73 million. During the same quarter in the prior year, the business earned $0.46 EPS. Sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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.