Rafferty Asset Management LLC Trims Stock Holdings in First BanCorp. $FBP

Key Points

• Rafferty Asset Management LLC reduced its stake in First BanCorp. by 33.9%, now holding 153,371 shares valued at approximately $2.94 million after selling 78,564 shares.
• Wells Fargo & Company raised its target price for First BanCorp. from $22.00 to $25.00 and provided an "overweight" rating, supporting a consensus rating of "Moderate Buy" with a target price of $24.00.
• CEO Aurelio Aleman sold 50,000 shares at $22.30, reducing his ownership by 4.51%, while the firm announces a quarterly dividend of $0.18, reflecting a 3.2% yield.

Rafferty Asset Management LLC trimmed its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 33.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 153,371 shares of the bank's stock after selling 78,564 shares during the quarter. Rafferty Asset Management LLC owned 0.09% of First BanCorp. worth $2,940,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FBP. Farther Finance Advisors LLC grew its position in First BanCorp. by 103.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after acquiring an additional 703 shares in the last quarter. Covestor Ltd grew its position in First BanCorp. by 19.6% in the 1st quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after acquiring an additional 711 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in First BanCorp. in the 1st quarter valued at about $96,000. Perkins Coie Trust Co grew its position in First BanCorp. by 10.0% in the 1st quarter. Perkins Coie Trust Co now owns 11,000 shares of the bank's stock valued at $211,000 after acquiring an additional 1,000 shares in the last quarter. Finally, GTS Securities LLC acquired a new position in First BanCorp. in the 4th quarter valued at about $218,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, CEO Aurelio Aleman sold 50,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the completion of the sale, the chief executive officer owned 1,059,547 shares in the company, valued at $23,627,898.10. The trade was a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

First BanCorp. Stock Up 1.1%

Shares of First BanCorp. stock traded up $0.25 on Thursday, reaching $22.30. 882,713 shares of the company were exchanged, compared to its average volume of 941,378. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The company has a market cap of $3.58 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 1.37 and a beta of 0.97. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. The stock's 50 day moving average price is $21.49 and its 200-day moving average price is $20.09.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The business had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Dividend Announcement

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

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.