First BanCorp. $FBP Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its First BanCorp. stake by 69.2% in the first quarter, selling 253,900 shares and retaining 113,113 shares. Despite the reduction, institutional investors collectively own 97.91% of the company.
• Wall Street maintains a positive outlook, with First BanCorp. receiving a consensus “Buy” rating and an average price target of $29.38. Recent target increases included Benchmark’s move to $33 and Truist Financial’s move to $30.
• First BanCorp. beat quarterly EPS estimates, reporting $0.62 versus expectations of $0.54, and declared a quarterly dividend of $0.20 per share. The stock opened at $28.91, near its 52-week high of $29.42.

Renaissance Technologies LLC lowered its holdings in First BanCorp. (NYSE:FBP - Free Report) by 69.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 113,113 shares of the bank's stock after selling 253,900 shares during the period. Renaissance Technologies LLC owned about 0.07% of First BanCorp. worth $2,416,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership raised its position in shares of First BanCorp. by 48.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,661,695 shares of the bank's stock valued at $56,854,000 after purchasing an additional 871,860 shares in the last quarter. Measured Wealth Private Client Group LLC increased its stake in shares of First BanCorp. by 1.9% in the first quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank's stock worth $769,000 after buying an additional 656 shares during the last quarter. First Trust Advisors LP increased its stake in shares of First BanCorp. by 12.2% in the first quarter. First Trust Advisors LP now owns 4,862,288 shares of the bank's stock worth $103,858,000 after buying an additional 527,991 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in First BanCorp. in the first quarter valued at $776,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in First BanCorp. by 546.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 291,969 shares of the bank's stock valued at $6,301,000 after acquiring an additional 246,838 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FBP. Benchmark raised their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Piper Sandler increased their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $27.00 to $31.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. Truist Financial boosted their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a report on Monday, July 13th. Finally, Zacks Research upgraded First BanCorp. from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 23rd. Three 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 stock. According to MarketBeat.com, First BanCorp. has a consensus rating of "Buy" and an average target price of $29.38.

First BanCorp. Stock Up 0.8%

NYSE:FBP opened at $28.91 on Tuesday. 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 50 day moving average of $26.75 and a 200-day moving average of $23.97. The firm has a market capitalization of $4.47 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.54 and a beta of 0.81. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $29.42.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating 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 business had revenue of $264.86 million during the quarter, compared to analyst estimates of $265.31 million. Analysts predict that First BanCorp. will post 2.4 EPS for the current year.

First BanCorp. Announces Dividend

The company 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 dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.8%. First BanCorp.'s payout ratio is 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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