Dimensional Fund Advisors LP Sells 165,786 Shares of First BanCorp. $FBP

Key Points

• Dimensional Fund Advisors reduced its stake in First BanCorp. by 2.1% in the first quarter, selling 165,786 shares and leaving it with 7.89 million shares valued at about $168.6 million.
• Several analysts remain bullish on FBP, with a consensus rating of Buy and an average price target of $28.75 after multiple firms raised targets and ratings.
• First BanCorp. recently reported earnings of $0.62 per share, topping estimates, and announced a quarterly dividend of $0.20 per share, implying a 2.8% annualized yield.

Dimensional Fund Advisors LP lessened its stake in First BanCorp. (NYSE:FBP - Free Report) by 2.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,893,229 shares of the bank's stock after selling 165,786 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.07% of First BanCorp. worth $168,594,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fifth Third Bancorp grew its stake in First BanCorp. by 64.9% during the first quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock valued at $30,000 after acquiring an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp purchased a new stake in First BanCorp. in the 4th quarter worth $40,000. Jones Financial Companies Lllp boosted its holdings in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of First BanCorp. during the 4th quarter valued at about $64,000. Institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of research reports. Weiss Ratings raised First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 1st. Wells Fargo & Company increased their price objective on shares of First BanCorp. from $26.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Piper Sandler boosted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, April 23rd. Raymond James Financial boosted their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a report on Wednesday, July 1st. Finally, Benchmark upped their target price on shares of First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $28.75.

First BanCorp. Stock Down 0.3%

NYSE FBP opened at $28.78 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $29.00. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.75 and a beta of 0.82. The company has a fifty day moving average of $25.66 and a two-hundred day moving average of $23.35.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. The business had revenue of $264.86 million for the quarter, compared to the consensus estimate of $265.31 million. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. On average, analysts predict that First BanCorp. will post 2.36 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, August 27th. First BanCorp.'s dividend payout ratio is presently 33.76%.

First BanCorp. Profile

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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