First BanCorp. $FBP Stock Position Lessened by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in First BanCorp by 1.8%, now holding approximately 1.58% of the shares, worth about $49.37 million.
• Wells Fargo raised its price objective for First BanCorp shares from $22.00 to $25.00, maintaining an "overweight" rating, while other analysts gave the stock a consensus rating of "Moderate Buy."
• First BanCorp recently announced a quarterly dividend of $0.18 per share, which translates to an annual yield of 3.2%, with an ex-dividend date set for August 28th.

Northern Trust Corp trimmed its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 1.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,575,547 shares of the bank's stock after selling 47,296 shares during the period. Northern Trust Corp owned approximately 1.58% of First BanCorp. worth $49,373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FBP. Farther Finance Advisors LLC increased its stake in shares of First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after purchasing an additional 703 shares in the last quarter. Covestor Ltd lifted its position in First BanCorp. by 19.6% during the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after purchasing an additional 711 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of First BanCorp. in the 1st quarter worth about $96,000. Perkins Coie Trust Co lifted its holdings in shares of First BanCorp. by 10.0% in the 1st quarter. Perkins Coie Trust Co now owns 11,000 shares of the bank's stock worth $211,000 after acquiring an additional 1,000 shares during the last quarter. Finally, GTS Securities LLC bought a new stake in shares of First BanCorp. in the 4th quarter worth about $218,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of First BanCorp. stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the sale, the chief executive officer owned 1,059,547 shares in the company, valued at $23,627,898.10. The trade was a 4.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

First BanCorp. Trading Down 1.2%

NYSE FBP traded down $0.27 during trading hours on Tuesday, reaching $21.96. The company had a trading volume of 807,795 shares, compared to its average volume of 978,954. The stock has a market capitalization of $3.52 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.38 and a beta of 0.97. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $21.44 and a 200 day moving average of $20.06.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $246.81 million for the quarter, compared to analyst estimates of $250.73 million. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. During the same period in the prior year, the firm posted $0.46 earnings per share. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

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

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.