Vanguard Group Inc. Grows Position in First BanCorp. $FBP

Key Points

• Vanguard Group Inc. raised its stake in First BanCorp by 2.0% to 21,467,300 shares, now owning about 13.59% of the company valued at roughly $445 million.
• Multiple brokerages bumped price targets to about $25–$26 and issued Buy/Overweight ratings, leaving a consensus rating of Moderate Buy with a $25.86 consensus price target.
• First BanCorp. reported quarterly EPS of $0.57, beating estimates, and declared a quarterly dividend of $0.20 (3.3% yield), payable June 12 with an ex-dividend date of May 28.

Vanguard Group Inc. raised its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 2.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,467,300 shares of the bank's stock after purchasing an additional 413,557 shares during the quarter. Vanguard Group Inc. owned about 13.59% of First BanCorp. worth $445,017,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its position in shares of First BanCorp. by 4.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 13,013 shares of the bank's stock valued at $287,000 after acquiring an additional 508 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of First BanCorp. by 5.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the bank's stock valued at $234,000 after purchasing an additional 526 shares during the period. California State Teachers Retirement System increased its holdings in shares of First BanCorp. by 0.4% in the second quarter. California State Teachers Retirement System now owns 151,294 shares of the bank's stock valued at $3,151,000 after purchasing an additional 529 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of First BanCorp. by 4.1% in the third quarter. PNC Financial Services Group Inc. now owns 14,217 shares of the bank's stock worth $313,000 after purchasing an additional 557 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of First BanCorp. by 14.5% in the third quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank's stock worth $106,000 after purchasing an additional 605 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FBP. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a research report on Thursday, April 23rd. Truist Financial lifted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First BanCorp. in a report on Tuesday, April 21st. Piper Sandler increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, April 23rd. Finally, Wells Fargo & Company raised their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, April 23rd. One equities 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 company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.86.

Insiders Place Their Bets

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

First BanCorp. Trading Up 1.2%

Shares of NYSE:FBP opened at $24.18 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $24.51. The business has a 50 day moving average of $21.97 and a two-hundred day moving average of $21.34. The company has a market capitalization of $3.77 billion, a PE ratio of 10.75, a PEG ratio of 1.89 and a beta of 0.84.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million for 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 quarter last year, the company earned $0.47 EPS. As a group, analysts forecast that First BanCorp. will post 2.21 EPS for the current year.

First BanCorp. Dividend Announcement

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

About First BanCorp.

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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