Hennion & Walsh Asset Management Inc. Sells 60,879 Shares of First BanCorp. (NYSE:FBP)

Hennion & Walsh Asset Management Inc. lessened its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 71.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,769 shares of the bank's stock after selling 60,879 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in First BanCorp. were worth $475,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Picton Mahoney Asset Management raised its stake in shares of First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock valued at $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. raised its stake in shares of First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after acquiring an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of First BanCorp. by 17.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock valued at $68,000 after acquiring an additional 544 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of First BanCorp. by 394.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock valued at $70,000 after acquiring an additional 3,032 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of First BanCorp. by 919.3% during the fourth quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock valued at $75,000 after acquiring an additional 3,659 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.19 on Monday. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.34 and a beta of 0.94. The company's 50 day moving average is $19.42 and its 200 day moving average is $19.50. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. First BanCorp.'s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.57%. The ex-dividend date is Thursday, May 29th. First BanCorp.'s dividend payout ratio is currently 39.13%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company lifted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, First BanCorp. presently has a consensus rating of "Moderate Buy" and an average price target of $22.80.

First BanCorp. Company 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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