Invesco Ltd. Cuts Position in First BanCorp. $FBP

Key Points

• Invesco Ltd. reduced its stake in First BanCorp. by 45.5% during the first quarter, owning approximately $19.28 million worth of shares after selling 840,730 shares.
• Wells Fargo raised its price target for First BanCorp. shares from $22.00 to $25.00, reflecting a positive outlook, as three analysts have rated the stock with a Buy rating.
• First BanCorp. announced a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 3.4%, with a payout ratio of 38.30%.

Invesco Ltd. lessened its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 45.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,005,962 shares of the bank's stock after selling 840,730 shares during the quarter. Invesco Ltd. owned 0.62% of First BanCorp. worth $19,284,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Millennium Management LLC increased its holdings in First BanCorp. by 381.9% during the 4th quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock valued at $17,626,000 after purchasing an additional 751,413 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of First BanCorp. in the 4th quarter valued at $8,264,000. Voloridge Investment Management LLC lifted its holdings in First BanCorp. by 132.7% during the fourth quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank's stock worth $13,632,000 after acquiring an additional 418,168 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in First BanCorp. during the fourth quarter worth about $4,625,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of First BanCorp. by 10.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,685,588 shares of the bank's stock valued at $49,926,000 after purchasing an additional 248,335 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company boosted their price target on First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $24.00.

First BanCorp. Price Performance

Shares of FBP stock traded up $0.24 during trading hours on Tuesday, reaching $22.41. The company's stock had a trading volume of 318,331 shares, compared to its average volume of 1,183,438. The firm's 50 day simple moving average is $21.14 and its 200-day simple moving average is $19.98. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.38 and a beta of 0.96. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.50. 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 released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share 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 the consensus estimate of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.During the same quarter last year, the business posted $0.46 EPS. Sell-side analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.'s dividend payout ratio (DPR) is currently 38.30%.

Insider Buying and Selling at First BanCorp.

In other 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 transaction, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company's stock.

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.