Edgestream Partners L.P. Sells 15,919 Shares of First BanCorp. (NYSE:FBP)

Edgestream Partners L.P. lessened its holdings in shares of First BanCorp. (NYSE:FBP) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 443,565 shares of the bank’s stock after selling 15,919 shares during the quarter. Edgestream Partners L.P. owned about 0.27% of First BanCorp. worth $8,113,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Neo Ivy Capital Management bought a new stake in shares of First BanCorp. during the fourth quarter valued at approximately $36,000. SageView Advisory Group LLC purchased a new position in First BanCorp. during the first quarter valued at $110,000. Perkins Coie Trust Co bought a new stake in First BanCorp. in the 2nd quarter valued at $146,000. Choreo LLC purchased a new stake in First BanCorp. in the 2nd quarter worth $207,000. Finally, Bailard Inc. bought a new position in shares of First BanCorp. during the 2nd quarter valued at about $216,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Raymond James initiated coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Piper Sandler assumed coverage on First BanCorp. in a report on Monday, August 26th. They set a “neutral” rating and a $22.00 price objective on the stock. Hovde Group increased their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, 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 report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.83.

First BanCorp. Price Performance

First BanCorp. stock opened at $20.21 on Tuesday. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average price of $20.49 and a 200-day moving average price of $18.51. The firm has a market capitalization of $3.36 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.38 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter in the prior year, the company posted $0.37 EPS. As a group, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.17%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Activity at First BanCorp.

In other First BanCorp. news, COO Donald Kafka sold 50,000 shares of the stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The disclosure for this sale can be found here. Insiders sold 82,452 shares of company stock worth $1,790,066 over the last three months. 2.50% of the stock is owned by corporate 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.