Legal & General Group Plc Has $8.28 Million Position in First BanCorp. $FBP

Legal & General Group Plc cut its position in First BanCorp. (NYSE:FBP) by 5.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 399,227 shares of the bank’s stock after selling 24,317 shares during the quarter. Legal & General Group Plc owned 0.25% of First BanCorp. worth $8,276,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake 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 purchasing an additional 114,931 shares during the last quarter. Citigroup Inc. grew 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 buying an additional 131,293 shares during the period. Public Sector Pension Investment Board grew 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 buying an additional 73,168 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of First BanCorp. by 176.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock worth $18,123,000 after purchasing an additional 524,256 shares during the period. Finally, Quent Capital LLC acquired a new position in First BanCorp. during the fourth quarter valued at approximately $1,874,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Trading Up 0.1%

NYSE:FBP opened at $24.31 on Friday. The business has a fifty day moving average of $23.29 and a 200-day moving average of $21.94. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $24.64. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. During the same quarter last year, the business posted $0.47 earnings per share. Equities analysts predict that First BanCorp. will post 2.25 earnings per share for the current year.

First BanCorp. Announces Dividend

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 given a $0.20 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.3%. First BanCorp.’s dividend payout ratio (DPR) is 35.56%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Raymond James Financial raised First BanCorp. from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $26.00 to $27.00 in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $24.50 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Piper Sandler upped their price target on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company increased their target price on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, First BanCorp. currently has an average rating of “Buy” and a consensus price target 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.