Victory Capital Management Inc. Lowers Position in First BanCorp. (NYSE:FBP)

Posted by Defense World Staff on May 24th, 2023

Victory Capital Management Inc. lessened its stake in First BanCorp. (NYSE:FBP – Get Rating) by 28.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,102,977 shares of the bank’s stock after selling 429,274 shares during the quarter. Victory Capital Management Inc. owned approximately 0.60% of First BanCorp. worth $14,269,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Counterpoint Mutual Funds LLC bought a new stake in First BanCorp. in the fourth quarter worth $97,000. Shay Capital LLC bought a new stake in First BanCorp. in the first quarter worth $131,000. Gallacher Capital Management LLC bought a new stake in First BanCorp. in the fourth quarter worth $132,000. Commonwealth Equity Services LLC bought a new stake in First BanCorp. in the fourth quarter worth $150,000. Finally, Toroso Investments LLC bought a new stake in First BanCorp. in the third quarter worth $169,000. Hedge funds and other institutional investors own 94.38% of the company’s stock.

Insider Transactions at First BanCorp.

In related news, Director John A. Heffern purchased 3,000 shares of the business’s stock in a transaction dated Wednesday, March 15th. The shares were purchased at an average cost of $11.61 per share, for a total transaction of $34,830.00. Following the completion of the acquisition, the director now owns 84,895 shares in the company, valued at approximately $985,630.95. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the topic of several research reports. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $14.00 to $12.50 and set an “equal weight” rating on the stock in a research report on Wednesday, April 5th. StockNews.com started coverage on shares of First BanCorp. in a research report on Thursday, May 18th. They set a “hold” rating on the stock.

First BanCorp. Trading Up 0.4 %

FBP stock opened at $11.63 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.79. First BanCorp. has a twelve month low of $10.18 and a twelve month high of $16.40. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 7.41 and a beta of 1.12. The firm’s fifty day simple moving average is $11.26 and its two-hundred day simple moving average is $12.96.

First BanCorp. (NYSE:FBP – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The firm had revenue of $274.91 million for the quarter, compared to analysts’ expectations of $226.91 million. First BanCorp. had a net margin of 29.26% and a return on equity of 21.11%. During the same period in the prior year, the business posted $0.41 earnings per share. As a group, analysts anticipate that First BanCorp. will post 1.49 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Wednesday, May 24th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Tuesday, May 23rd. First BanCorp.’s payout ratio is presently 35.67%.

First BanCorp. Company Profile

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First BanCorp (Puerto Rico) is a holding company, which engages in the provision of personal, commercial, and corporate banking services. It operates through the following segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.