First BanCorp. $FBP Holdings Decreased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp reduced its stake in First BanCorp. by 2.5% in the first quarter, though it still held 1.70 million shares worth about $36.3 million.
• First BanCorp. reported better-than-expected quarterly earnings of $0.62 per share, topping analyst estimates, while revenue came in just below expectations.
• The company announced a quarterly dividend of $0.20 per share, implying an annualized yield of 2.8%, and analysts currently maintain a consensus Buy rating with several recent price-target increases.

Bank of New York Mellon Corp lessened its stake in First BanCorp. (NYSE:FBP - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,697,525 shares of the bank's stock after selling 42,918 shares during the period. Bank of New York Mellon Corp owned 1.09% of First BanCorp. worth $36,259,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. WINTON GROUP Ltd acquired a new position in shares of First BanCorp. in the 4th quarter worth approximately $5,222,000. Quent Capital LLC bought a new stake in shares of First BanCorp. in the 4th quarter worth approximately $1,874,000. Novem Group acquired a new stake in First BanCorp. during the fourth quarter valued at approximately $1,138,000. SG Americas Securities LLC lifted its stake in First BanCorp. by 74.1% during the fourth quarter. SG Americas Securities LLC now owns 128,580 shares of the bank's stock valued at $2,665,000 after purchasing an additional 54,713 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in First BanCorp. by 147.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 369,821 shares of the bank's stock worth $7,667,000 after buying an additional 220,318 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Stock Performance

Shares of FBP stock opened at $28.78 on Friday. The company has a market capitalization of $4.45 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 1.75 and a beta of 0.82. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $29.00. 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's fifty day simple moving average is $25.66 and its 200-day simple moving average is $23.35.

First BanCorp. (NYSE:FBP - Get Free Report) last released 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 company had revenue of $264.86 million for the quarter, compared to analysts' expectations of $265.31 million. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. On average, sell-side analysts predict that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on FBP. Benchmark increased their price objective on First BanCorp. from $31.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research report on Thursday. Weiss Ratings raised First BanCorp. from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 1st. Raymond James Financial increased their price target on First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research report on Wednesday, July 1st. Finally, Zacks Research raised First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, First BanCorp. currently has a consensus rating of "Buy" and a consensus price target of $28.75.

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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