Versor Investments LP Purchases New Holdings in First BanCorp. $FBP

Versor Investments LP purchased a new stake in First BanCorp. (NYSE:FBP) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 23,200 shares of the bank’s stock, valued at approximately $481,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in First BanCorp. by 14.4% in the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after acquiring an additional 114,931 shares during the last quarter. Citigroup Inc. raised its holdings in First BanCorp. by 48.3% in the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after acquiring an additional 131,293 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in First BanCorp. by 11.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after acquiring an additional 73,168 shares during the last quarter. Quent Capital LLC acquired a new stake in First BanCorp. in the 4th quarter valued at about $1,874,000. Finally, Allianz Asset Management GmbH raised its holdings in First BanCorp. by 176.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock valued at $18,123,000 after acquiring an additional 524,256 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

Shares of FBP stock opened at $23.36 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $24.57. The stock has a market capitalization of $3.61 billion, a PE ratio of 10.38, a P/E/G ratio of 1.38 and a beta of 0.84. The firm has a 50 day moving average of $22.24 and a two-hundred day moving average of $21.49.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.05. The business had revenue of $258.64 million during 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 period in the previous year, the company earned $0.47 EPS. On average, research analysts predict that First BanCorp. will post 2.25 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Thursday, May 28th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date is Thursday, May 28th. First BanCorp.’s dividend payout ratio (DPR) is currently 35.56%.

Analyst Upgrades and Downgrades

A number of analysts have commented on FBP shares. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 23rd. Truist Financial increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Piper Sandler increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Tuesday, April 21st. Finally, Hovde Group raised their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.86.

First BanCorp. Company Profile

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.