Vanguard Group Inc. Sells 301,220 Shares of First BanCorp. $FBP

Key Points

• Vanguard Group Inc. has reduced its holdings in First BanCorp by 1.4%, now owning approximately 12.97% of the bank's shares valued at $405.65 million.
• First BanCorp. announced a quarterly dividend of $0.18 per share, yielding 3.4%, which will be paid on September 12th.
• Wells Fargo & Company raised their price target for First BanCorp. from $22.00 to $25.00, assigning the stock an "overweight" rating.

Vanguard Group Inc. decreased its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,160,901 shares of the bank's stock after selling 301,220 shares during the period. Vanguard Group Inc. owned 12.97% of First BanCorp. worth $405,654,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in shares of First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after buying an additional 703 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of First BanCorp. by 919.3% during the 4th quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock valued at $75,000 after acquiring an additional 3,659 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of First BanCorp. by 806.0% during the 4th quarter. Sterling Capital Management LLC now owns 4,711 shares of the bank's stock valued at $88,000 after acquiring an additional 4,191 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in shares of First BanCorp. during the 1st quarter valued at $96,000. Finally, Perkins Coie Trust Co grew its holdings in shares of First BanCorp. by 10.0% during 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. Institutional investors own 97.91% of the company's stock.

First BanCorp. Price Performance

Shares of FBP traded up $0.0150 during mid-day trading on Tuesday, reaching $21.3150. The company had a trading volume of 355,700 shares, compared to its average volume of 1,191,982. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40. 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 company's 50-day moving average is $20.97 and its 200-day moving average is $19.95. The company has a market capitalization of $3.42 billion, a P/E ratio of 11.34, a P/E/G ratio of 1.31 and a beta of 0.96.

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

First BanCorp. Announces Dividend

The business 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 $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.72 dividend on an annualized basis and a yield of 3.4%. First BanCorp.'s dividend payout ratio is presently 38.30%.

Analyst Ratings Changes

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

First BanCorp. Profile

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.