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

Stieven Capital Advisors L.P. decreased its position in First BanCorp. (NYSE:FBP) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 310,310 shares of the bank’s stock after selling 7,900 shares during the quarter. Stieven Capital Advisors L.P. owned approximately 0.19% of First BanCorp. worth $5,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FBP. Blue Trust Inc. grew its stake in First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after buying an additional 544 shares during the period. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. in the 3rd quarter worth about $25,000. Pathstone Holdings LLC lifted its position in First BanCorp. by 0.9% during the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock valued at $3,393,000 after acquiring an additional 1,435 shares during the period. Finally, R Squared Ltd purchased a new position in First BanCorp. during the 4th quarter valued at about $28,000. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on FBP shares. Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Piper Sandler reduced their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company dropped their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Finally, Hovde Group reduced their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Stock Performance

Shares of FBP opened at $20.39 on Friday. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.41 and a beta of 1.14. The business’s fifty day simple moving average is $19.62 and its two-hundred day simple moving average is $20.22. First BanCorp. has a 12 month low of $16.24 and a 12 month high of $22.40. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the previous year, the firm earned $0.46 EPS. Research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is presently 35.36%.

Insider Activity

In related news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now owns 176,222 shares of the company’s stock, valued at $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.50% of the stock is owned by corporate insiders.

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.