Gallacher Capital Management LLC lowered its holdings in shares of First BanCorp. (NYSE:FBP – Free Report) by 23.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,551 shares of the bank’s stock after selling 7,094 shares during the quarter. Gallacher Capital Management LLC’s holdings in First BanCorp. were worth $431,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of First BanCorp. by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after buying an additional 448,845 shares in the last quarter. Dimensional Fund Advisors LP raised its position in First BanCorp. by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock worth $166,095,000 after acquiring an additional 65,021 shares during the period. Frontier Capital Management Co. LLC raised its position in First BanCorp. by 3.8% during the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after acquiring an additional 116,642 shares during the period. Norges Bank purchased a new position in First BanCorp. during the fourth quarter valued at $32,590,000. Finally, Goldman Sachs Group Inc. grew its position in shares of First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after purchasing an additional 110,797 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts recently weighed in on the stock. Hovde Group upped their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Raymond James started coverage on First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Wells Fargo & Company lifted their price target on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler assumed coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.83.
Insider Buying and Selling at First BanCorp.
In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction dated 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 sale, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now owns 89,420 shares in the company, valued at approximately $1,935,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock valued at $1,790,066 over the last 90 days. 2.50% of the stock is owned by insiders.
First BanCorp. Stock Down 2.6 %
Shares of FBP opened at $20.36 on Friday. First BanCorp. has a 52-week low of $12.72 and a 52-week high of $22.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $20.26 and a two-hundred day simple moving average of $18.34. The company has a market capitalization of $3.39 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.50 and a beta of 1.10.
First BanCorp. (NYSE:FBP – Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. During the same period in the prior year, the firm posted $0.37 earnings per share. As a group, equities analysts forecast that First BanCorp. will post 1.76 EPS for the current year.
First BanCorp. Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be issued a $0.16 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 3.14%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.
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.
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