Trexquant Investment LP Sells 253,414 Shares of First BanCorp. $FBP

Key Points

• Trexquant Investment LP significantly reduced its holdings in First BanCorp. by selling 253,414 shares, resulting in a 67.2% decrease in its position.
• Wells Fargo raised its target price for First BanCorp. from $22.00 to $25.00, maintaining an "overweight" rating for the stock.
• First BanCorp. declared a quarterly dividend of $0.18 per share, with the ex-dividend date set for August 28th, and has a dividend yield of 3.3%.

Trexquant Investment LP lessened its position in First BanCorp. (NYSE:FBP - Free Report) by 67.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 123,913 shares of the bank's stock after selling 253,414 shares during the period. Trexquant Investment LP owned about 0.08% of First BanCorp. worth $2,375,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FBP. Wellington Management Group LLP bought a new position in shares of First BanCorp. in the first quarter worth approximately $28,344,000. Nuveen LLC bought a new position in shares of First BanCorp. in the first quarter worth approximately $15,963,000. Millennium Management LLC lifted its stake in shares of First BanCorp. by 381.9% in the fourth quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after buying an additional 751,413 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of First BanCorp. in the fourth quarter worth approximately $8,264,000. Finally, Voloridge Investment Management LLC lifted its stake in shares of First BanCorp. by 132.7% in the fourth quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank's stock worth $13,632,000 after buying an additional 418,168 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company upped their target price 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 research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, First BanCorp. has an average rating of "Moderate Buy" and an average target price of $24.00.

Insider Buying and Selling at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of First BanCorp. 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 transaction, the chief executive officer owned 1,059,547 shares in the company, valued at $23,627,898.10. This trade represents a 4.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

First BanCorp. Trading Up 0.3%

Shares of FBP stock opened at $22.08 on Thursday. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. The firm's 50 day moving average is $21.47 and its 200 day moving average is $20.07. The stock has a market capitalization of $3.54 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.38 and a beta of 0.97.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The company had revenue of $246.81 million for the quarter, compared to analysts' expectations of $250.73 million. During the same quarter last year, the company posted $0.46 earnings per share. Research analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s dividend payout ratio (DPR) is currently 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.

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