Penbrook Management LLC Trims Position in First BanCorp. (NYSE:FBP)

Penbrook Management LLC trimmed its stake in First BanCorp. (NYSE:FBP) by 10.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,400 shares of the bank’s stock after selling 8,100 shares during the period. First BanCorp. comprises 0.8% of Penbrook Management LLC’s holdings, making the stock its 27th biggest holding. Penbrook Management LLC’s holdings in First BanCorp. were worth $1,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 110,797 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of First BanCorp. by 1.2% in the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after purchasing an additional 661 shares in the last quarter. Wellington Management Group LLP lifted 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 purchasing an additional 993,819 shares during the period. Headlands Technologies LLC bought a new position in shares of First BanCorp. during the fourth quarter valued at approximately $113,000. Finally, Invesco Ltd. increased its holdings in First BanCorp. by 32.0% during the third quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock valued at $13,918,000 after buying an additional 250,577 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

First BanCorp. Stock Up 1.0 %

FBP stock traded up $0.19 on Tuesday, hitting $18.61. 762,980 shares of the company’s stock were exchanged, compared to its average volume of 1,054,464. The firm has a 50 day moving average price of $17.72 and a two-hundred day moving average price of $17.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a 12-month low of $12.05 and a 12-month high of $18.62. The stock has a market cap of $3.10 billion, a P/E ratio of 10.53, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. The firm had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, equities research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.44%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Transactions at First BanCorp.

In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Carlos Power sold 5,277 shares of First BanCorp. 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 sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

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.