Edgestream Partners L.P. Has $12.99 Million Stock Position in First BanCorp. $FBP

Key Points

• Edgestream Partners increased its First BanCorp. position by 46.9% in the first quarter, holding 607,965 shares worth approximately $12.99 million. Institutional investors collectively own 97.91% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $28.75; several firms recently raised their targets.
• First BanCorp. exceeded quarterly earnings expectations, reporting $0.62 in EPS versus $0.54 expected, and announced a quarterly dividend of $0.20 per share, representing a 2.8% annualized yield.

Edgestream Partners L.P. grew its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 46.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 607,965 shares of the bank's stock after acquiring an additional 193,981 shares during the period. First BanCorp. comprises 0.4% of Edgestream Partners L.P.'s holdings, making the stock its 16th largest holding. Edgestream Partners L.P. owned about 0.39% of First BanCorp. worth $12,986,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Amundi grew its stake in shares of First BanCorp. by 64.8% in the first quarter. Amundi now owns 59,011 shares of the bank's stock worth $1,261,000 after purchasing an additional 23,201 shares during the last quarter. California State Teachers Retirement System raised its position in First BanCorp. by 20.5% during the 1st quarter. California State Teachers Retirement System now owns 185,370 shares of the bank's stock worth $3,960,000 after purchasing an additional 31,598 shares during the last quarter. Royal Bank of Canada raised its position in First BanCorp. by 43.9% during the 1st quarter. Royal Bank of Canada now owns 25,842 shares of the bank's stock worth $552,000 after purchasing an additional 7,882 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in First BanCorp. by 27.5% during the 1st quarter. Quantinno Capital Management LP now owns 38,684 shares of the bank's stock worth $826,000 after buying an additional 8,332 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in First BanCorp. by 10.0% during the 1st quarter. Lazard Asset Management LLC now owns 118,408 shares of the bank's stock worth $2,529,000 after buying an additional 10,802 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on FBP. Wells Fargo & Company upped their price target on First BanCorp. from $26.00 to $28.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research report on Thursday, July 23rd. Piper Sandler lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 1st. Finally, Zacks Research raised shares of First BanCorp. from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $28.75.

First BanCorp. Stock Performance

Shares of FBP opened at $28.91 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $4.47 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.74 and a beta of 0.82. The firm's fifty day simple moving average is $25.98 and its two-hundred day simple moving average is $23.53. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.40.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The firm had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. As a group, analysts predict that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Announces Dividend

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

First BanCorp. Company 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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