Stieven Capital Advisors L.P. Trims Stock Position in First BanCorp. (NYSE:FBP)

Stieven Capital Advisors L.P. cut its stake in First BanCorp. (NYSE:FBP) by 5.4% in the second quarter, Holdings Channel.com reports. The fund owned 467,510 shares of the bank’s stock after selling 26,800 shares during the quarter. First BanCorp. comprises about 1.9% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 21st largest holding. Stieven Capital Advisors L.P.’s holdings in First BanCorp. were worth $8,551,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its holdings in shares of First BanCorp. by 11.9% in the fourth quarter. Russell Investments Group Ltd. now owns 615,973 shares of the bank’s stock valued at $10,133,000 after buying an additional 65,635 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of First BanCorp. in the fourth quarter valued at about $448,000. Gallacher Capital Management LLC raised its holdings in shares of First BanCorp. by 70.2% in the fourth quarter. Gallacher Capital Management LLC now owns 21,323 shares of the bank’s stock valued at $351,000 after buying an additional 8,797 shares during the last quarter. Principal Securities Inc. purchased a new stake in shares of First BanCorp. in the fourth quarter valued at about $362,000. Finally, Versor Investments LP raised its holdings in shares of First BanCorp. by 14.4% in the fourth quarter. Versor Investments LP now owns 16,700 shares of the bank’s stock valued at $275,000 after buying an additional 2,100 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

FBP traded up $0.19 on Friday, hitting $21.38. 1,037,632 shares of the company were exchanged, compared to its average volume of 885,728. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. The business’s fifty day moving average is $19.96 and its 200 day moving average is $18.21. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12. The firm has a market capitalization of $3.50 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be given a $0.16 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.99%. First BanCorp.’s dividend payout ratio is presently 36.57%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FBP shares. Hovde Group boosted their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Raymond James started coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of 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 started coverage on shares of First BanCorp. in a research note on Monday, August 26th. They set a “neutral” rating and a $22.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.83.

Insider Activity

In other news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now directly owns 89,420 shares in the company, valued at $1,935,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Michael Mcdonald sold 7,612 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $21.65, for a total transaction of $164,799.80. Following the transaction, the executive vice president now owns 89,420 shares of the company’s stock, valued at $1,935,943. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. Insiders have sold 80,508 shares of company stock worth $1,748,251 over the last ninety days. 2.50% of the stock is currently owned by insiders.

About First BanCorp.

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.