First BanCorp. $FBP Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC has reduced its stake in First BanCorp. by 27.7%, selling 27,121 shares, which has left the firm with 70,741 shares valued at approximately $1.36 million.
• Wells Fargo & Company has increased its target price on First BanCorp. from $22.00 to $25.00 and rated the stock as "overweight", contributing to a consensus rating of "Moderate Buy".
• First BanCorp. recently announced a quarterly dividend of $0.18 per share, yielding 3.2%, with the payment date set for September 12th for shareholders on record by August 28th.

Hsbc Holdings PLC cut its holdings in First BanCorp. (NYSE:FBP - Free Report) by 27.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,741 shares of the bank's stock after selling 27,121 shares during the period. Hsbc Holdings PLC's holdings in First BanCorp. were worth $1,355,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in First BanCorp. by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock valued at $843,000 after buying an additional 15,412 shares in the last quarter. Quantinno Capital Management LP raised its stake in First BanCorp. by 6.1% in the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock valued at $235,000 after buying an additional 730 shares in the last quarter. Picton Mahoney Asset Management raised its stake in First BanCorp. by 3,703.7% in the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock valued at $1,153,000 after buying an additional 58,519 shares in the last quarter. Royce & Associates LP acquired a new stake in First BanCorp. in the first quarter valued at $581,000. Finally, Point72 Asset Management L.P. acquired a new stake in First BanCorp. in the fourth quarter valued at $292,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

First BanCorp. Stock Performance

FBP stock traded up $0.09 during trading on Friday, hitting $22.23. The company had a trading volume of 968,003 shares, compared to its average volume of 1,115,130. The firm has a market cap of $3.57 billion, a PE ratio of 11.82, 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 firm has a 50-day moving average price of $21.36 and a 200-day moving average price of $20.03. 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. (NYSE:FBP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $250.73 million. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.'s payout ratio is currently 38.30%.

Insiders Place Their Bets

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 stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the sale, the chief executive officer owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. The trade was a 4.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.