Vest Financial LLC Acquires 12,455 Shares of First BanCorp. (NYSE:FBP)

Vest Financial LLC lifted its holdings in First BanCorp. (NYSE:FBP) by 24.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 62,772 shares of the bank’s stock after acquiring an additional 12,455 shares during the quarter. Vest Financial LLC’s holdings in First BanCorp. were worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FBP. Norges Bank purchased a new stake in First BanCorp. during the fourth quarter worth $32,590,000. Wellington Management Group LLP raised its position in shares of First BanCorp. by 2,172.9% in the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after acquiring an additional 993,819 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in First BanCorp. during the first quarter valued at about $16,719,000. Vanguard Group Inc. grew its stake in First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after purchasing an additional 448,845 shares during the last quarter. Finally, LSV Asset Management raised its holdings in First BanCorp. by 22.9% in the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after purchasing an additional 301,443 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Activity at First BanCorp.

In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the completion of the transaction, the executive vice president now owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The disclosure for this sale can be found here. Insiders have sold a total of 82,452 shares of company stock worth $1,790,066 over the last quarter. Insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

FBP has been the topic of a number of recent analyst reports. Raymond James began coverage on shares of First BanCorp. in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock. Piper Sandler assumed coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price for the company. Hovde Group upped their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company raised their price objective on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

First BanCorp. Trading Up 0.8 %

Shares of First BanCorp. stock opened at $19.90 on Friday. The firm’s 50 day simple moving average is $20.36 and its two-hundred day simple moving average is $18.43. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 1.43 and a beta of 1.10. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter last year, the business posted $0.37 EPS. Analysts predict that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Thursday, August 29th. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

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.