Mitsubishi UFJ Trust & Banking Corp Sells 197,868 Shares of First BanCorp. $FBP

Key Points

• Mitsubishi UFJ Trust & Banking cut its stake in First BanCorp by 56.1%, selling 197,868 shares and retaining 154,741 shares (about 0.10% of the company) valued at roughly $3.21 million, while institutional ownership stands at 97.91%.
• Wall Street sentiment has trended positive with several firms raising ratings and price targets, leaving an average MarketBeat rating of Moderate Buy and an average target price of $25.86.
• First BanCorp announced a quarterly dividend of $0.20 per share (3.3% yield) and recently beat quarterly EPS estimates with $0.57 per share, $0.05 above consensus.

Mitsubishi UFJ Trust & Banking Corp cut its holdings in First BanCorp. (NYSE:FBP - Free Report) by 56.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 154,741 shares of the bank's stock after selling 197,868 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.10% of First BanCorp. worth $3,208,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FBP. EverSource Wealth Advisors LLC raised its position in First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after acquiring an additional 1,129 shares during the period. First Horizon Corp bought a new position in First BanCorp. in the fourth quarter worth approximately $40,000. Hantz Financial Services Inc. raised its position in First BanCorp. by 1,695.8% in the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank's stock worth $48,000 after acquiring an additional 2,035 shares during the period. Jones Financial Companies Lllp raised its position in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares during the period. Finally, Covestor Ltd raised its position in shares of First BanCorp. by 56.7% during the 3rd quarter. Covestor Ltd now owns 3,052 shares of the bank's stock valued at $67,000 after purchasing an additional 1,104 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings restated a "buy (b)" rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Truist Financial raised their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. Finally, Raymond James Financial upgraded shares of First BanCorp. from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from $26.00 to $27.00 in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.86.

Insiders Place Their Bets

In related news, Director Roberto R. Herencia sold 4,723 shares of the firm's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the transaction, the director directly owned 637,019 shares of the company's stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.90% of the company's stock.

First BanCorp. Stock Up 0.1%

Shares of FBP stock opened at $24.35 on Monday. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 1.93 and a beta of 0.84. The company's fifty day moving average price is $21.94 and its 200-day moving average price is $21.32. First BanCorp. has a one year low of $19.16 and a one year high of $24.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.80 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The company had revenue of $258.64 million during the quarter, compared to analysts' expectations of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period last year, the company posted $0.47 earnings per share. Sell-side analysts expect that First BanCorp. will post 2.21 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, May 28th. First BanCorp.'s dividend payout ratio (DPR) is presently 35.56%.

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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