Tudor Investment Corp ET AL Has $10.09 Million Stake in First BanCorp. $FBP

Key Points

• Tudor Investment cut its stake in First BanCorp by 37.4% to 457,398 shares (about $10.09M), while other large institutions—including new money from Norges Bank and sizeable increases from Boston Partners, Qube, Verition and Allianz—left institutional ownership near 97.9%.
• First BanCorp. beat quarterly expectations with $0.55 EPS (vs. $0.52 est.) and $257.2M revenue, reported a 17.33% ROE, and raised its quarterly dividend to $0.20 (annualized $0.80, ~3.7% yield).
• Analysts have raised price targets and the consensus is a Moderate Buy (avg. target $24.75), even as insiders sold shares—EVP Michael McDonald sold 34,122 shares and a director sold 4,723 shares—leaving insiders with ~2.3% ownership.

Tudor Investment Corp ET AL cut its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 37.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 457,398 shares of the bank's stock after selling 273,348 shares during the period. Tudor Investment Corp ET AL owned about 0.29% of First BanCorp. worth $10,086,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of First BanCorp. in the second quarter valued at approximately $41,404,000. Boston Partners grew its stake in shares of First BanCorp. by 767.8% during the third quarter. Boston Partners now owns 1,262,241 shares of the bank's stock worth $27,832,000 after purchasing an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank's stock valued at $29,878,000 after acquiring an additional 649,987 shares during the last quarter. Verition Fund Management LLC increased its stake in First BanCorp. by 31.6% in the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank's stock valued at $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of First BanCorp. by 176.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank's stock valued at $18,123,000 after buying an additional 524,256 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Trading Down 0.1%

Shares of FBP stock opened at $21.72 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $23.43. The stock has a 50 day simple moving average of $21.64 and a two-hundred day simple moving average of $21.14. The company has a market cap of $3.38 billion, a P/E ratio of 10.10, a PEG ratio of 1.35 and a beta of 0.83.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $257.17 million during the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same quarter in the previous year, the company posted $0.46 earnings per share. Research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Thursday, February 26th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, February 26th. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 3.7%. First BanCorp.'s dividend payout ratio (DPR) is currently 37.21%.

Analysts Set New Price Targets

FBP has been the topic of a number of research reports. Truist Financial boosted their price target on First BanCorp. from $24.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, January 29th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the company a "market perform" rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a "buy (b)" rating on shares of First BanCorp. in a report on Thursday, January 22nd. Wells Fargo & Company upped their price target on shares of First BanCorp. from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Monday, March 30th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $24.00 target price (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.75.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the firm's stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the sale, the executive vice president directly owned 62,937 shares of the company's stock, valued at $1,391,537.07. This trade represents a 35.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the transaction, the director owned 637,019 shares of the company's stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by corporate insiders.

First BanCorp. 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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