First BanCorp. $FBP Stock Position Cut by Martingale Asset Management L P

Key Points

• Martingale Asset Management significantly reduced its stake in First BanCorp. by 32.1%, selling 33,954 shares and holding 71,903 shares valued at $1,378,000.
• Despite the sell-off by Martingale, institutional interest in First BanCorp. remains strong, with several investors like Allspring Global Investments increasing their holdings.
• Wells Fargo raised its price target for First BanCorp. to $25.00 and analysts generally rate the stock as a "Moderate Buy" with an average target of $24.00.

Martingale Asset Management L P decreased its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 32.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 71,903 shares of the bank's stock after selling 33,954 shares during the period. Martingale Asset Management L P's holdings in First BanCorp. were worth $1,378,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FBP. Farther Finance Advisors LLC grew its stake in First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after buying an additional 703 shares during the period. Covestor Ltd grew its stake in First BanCorp. by 19.6% during the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock worth $83,000 after buying an additional 711 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in First BanCorp. during the first quarter worth approximately $96,000. Perkins Coie Trust Co grew its stake in First BanCorp. by 10.0% during the first quarter. Perkins Coie Trust Co now owns 11,000 shares of the bank's stock worth $211,000 after buying an additional 1,000 shares during the period. Finally, GTS Securities LLC purchased a new stake in First BanCorp. during the fourth quarter worth approximately $218,000. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Up 0.8%

FBP traded up $0.18 during trading on Tuesday, hitting $22.35. The company had a trading volume of 1,100,547 shares, compared to its average volume of 1,168,629. The company has a market cap of $3.59 billion, a PE ratio of 11.89, a P/E/G ratio of 1.38 and a beta of 0.96. The business has a 50-day moving average of $21.20 and a 200-day moving average of $20.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.50.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. The company had revenue of $246.81 million for the quarter, compared to analysts' expectations 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 company earned $0.46 earnings per share. As a group, analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Dividend Announcement

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

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the sale, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

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

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.