Victory Capital Management Inc. Reduces Stock Holdings in First BanCorp. (NYSE:FBP)

Key Points

• Victory Capital Management Inc. reduced its stake in First BanCorp. by 53.2%, selling 359,837 shares and leaving it with 316,958 shares valued at approximately $6.08 million.
• Wells Fargo & Company raised its price target for First BanCorp. from $22.00 to $25.00 and assigned it an "overweight" rating, reflecting positive outlook on the stock.
• First BanCorp. declared a quarterly dividend of $0.18 per share, with a yield of 3.41%, scheduled for payment on September 12th.

Victory Capital Management Inc. lowered its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 53.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 316,958 shares of the bank's stock after selling 359,837 shares during the period. Victory Capital Management Inc. owned about 0.19% of First BanCorp. worth $6,076,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of First BanCorp. in the 4th quarter worth about $35,275,000. First Trust Advisors LP grew its stake in shares of First BanCorp. by 42.8% in the fourth quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock worth $90,558,000 after acquiring an additional 1,460,789 shares during the period. Millennium Management LLC boosted its position 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 purchasing an additional 751,413 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of First BanCorp. in the fourth quarter worth $8,264,000. Finally, Voloridge Investment Management LLC lifted its holdings 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. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upped their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th.

First BanCorp. Stock Performance

Shares of NYSE FBP traded up $0.06 during midday trading on Monday, reaching $21.19. 354,191 shares of the stock were exchanged, compared to its average volume of 1,187,381. The firm has a 50-day simple moving average of $20.76 and a two-hundred day simple moving average of $19.84. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 1.25 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17.

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

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s dividend 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.