First BanCorp. $FBP Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its holdings in First BanCorp. by 490.6% during the 2nd quarter, owning a total of 297,662 shares valued at $6.2 million.
• Several analysts have set a price target of $25.00 for First BanCorp., with a consensus rating of "Moderate Buy" and an average target price of $24.33.
• First BanCorp. declared a quarterly dividend of $0.18 per share, representing a 3.5% yield, while the company's payout ratio stands at 38.30%.

Allianz Asset Management GmbH lifted its holdings in First BanCorp. (NYSE:FBP - Free Report) by 490.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 297,662 shares of the bank's stock after purchasing an additional 247,262 shares during the quarter. Allianz Asset Management GmbH owned 0.18% of First BanCorp. worth $6,200,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in shares of First BanCorp. by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock worth $843,000 after buying an additional 15,412 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of First BanCorp. by 10.6% during the second quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the bank's stock valued at $717,000 after acquiring an additional 3,300 shares during the period. Picton Mahoney Asset Management raised its holdings in First BanCorp. by 3,703.7% during the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock worth $1,153,000 after purchasing an additional 58,519 shares in the last quarter. Royce & Associates LP acquired a new stake in First BanCorp. in the first quarter worth approximately $581,000. Finally, GAMMA Investing LLC bought a new position in First BanCorp. during the 2nd quarter valued at $29,000. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on FBP shares. UBS Group set a $25.00 price objective on First BanCorp. in a research note on Thursday, October 9th. Truist Financial started coverage on First BanCorp. in a report on Thursday, October 9th. They set a "buy" rating and a $25.00 target price on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of First BanCorp. in a report on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $24.33.

First BanCorp. Trading Down 2.8%

Shares of NYSE FBP opened at $20.50 on Thursday. 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. has a 12 month low of $16.40 and a 12 month high of $22.60. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.13 and a beta of 0.93. The business has a fifty day simple moving average of $21.75 and a 200-day simple moving average of $20.75.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) 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 firm had revenue of $246.81 million for the quarter, compared to the consensus estimate of $250.73 million. During the same quarter in the previous year, the company earned $0.46 EPS. Sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.5%. First BanCorp.'s payout ratio is currently 38.30%.

Insider Activity at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of First BanCorp. stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at approximately $23,627,898.10. The trade was a 4.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company's stock.

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.

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