Allspring Global Investments Holdings LLC Raises Stock Position in First BanCorp. (NYSE:FBP)

Allspring Global Investments Holdings LLC boosted its position in shares of First BanCorp. (NYSE:FBP) by 239.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,145 shares of the bank’s stock after purchasing an additional 67,844 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First BanCorp. were worth $1,686,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FBP. Natixis Advisors L.P. raised its stake in shares of First BanCorp. by 7.2% in the 3rd quarter. Natixis Advisors L.P. now owns 49,653 shares of the bank’s stock valued at $668,000 after acquiring an additional 3,324 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in shares of First BanCorp. in the 3rd quarter valued at approximately $524,000. AXQ Capital LP purchased a new stake in shares of First BanCorp. in the 3rd quarter valued at approximately $186,000. Schroder Investment Management Group raised its stake in shares of First BanCorp. by 3.1% in the 3rd quarter. Schroder Investment Management Group now owns 1,721,109 shares of the bank’s stock valued at $23,166,000 after acquiring an additional 51,078 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of First BanCorp. by 140.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank’s stock valued at $12,246,000 after acquiring an additional 531,654 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the transaction, the executive vice president now owns 255,236 shares in the company, valued at approximately $4,596,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the transaction, the executive vice president now owns 255,236 shares in the company, valued at approximately $4,596,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Price Performance

Shares of FBP opened at $18.29 on Thursday. First BanCorp. has a fifty-two week low of $12.05 and a fifty-two week high of $18.63. The firm’s 50 day moving average price is $17.76 and its 200 day moving average price is $17.05. The company has a market cap of $3.04 billion, a P/E ratio of 10.45, a PEG ratio of 1.50 and a beta of 1.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The firm had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same period in the prior year, the firm earned $0.39 EPS. On average, research analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.50%. The ex-dividend date was Thursday, May 30th. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th.

First BanCorp. Company 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.