Hennion & Walsh Asset Management Inc. Has $1.59 Million Holdings in First BanCorp. (NYSE:FBP)

Hennion & Walsh Asset Management Inc. decreased its stake in First BanCorp. (NYSE:FBP - Free Report) by 34.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,648 shares of the bank's stock after selling 44,252 shares during the period. Hennion & Walsh Asset Management Inc. owned 0.05% of First BanCorp. worth $1,592,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in First BanCorp. during the 3rd quarter worth approximately $25,000. Blue Trust Inc. grew its position in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock valued at $36,000 after acquiring an additional 1,668 shares in the last quarter. CWM LLC raised its stake in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank's stock valued at $60,000 after purchasing an additional 1,952 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of First BanCorp. during the third quarter worth $66,000. Finally, USA Financial Formulas boosted its stake in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after purchasing an additional 2,234 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Buying and Selling

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the transaction, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, January 6th. Hovde Group reduced their price target on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Piper Sandler lowered their price objective on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods upped their price target on First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.20.

First BanCorp. Stock Performance

FBP stock traded up $0.18 on Friday, reaching $19.59. 1,596,398 shares of the company were exchanged, compared to its average volume of 904,939. The stock's fifty day moving average price is $19.80 and its 200 day moving average price is $20.14. First BanCorp. has a 12 month low of $15.35 and a 12 month high of $22.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.21 billion, a PE ratio of 10.82, a PEG ratio of 1.59 and a beta of 1.14.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The firm had revenue of $234.57 million during the quarter, compared to analysts' expectations of $238.51 million. During the same quarter last year, the company earned $0.46 earnings per share. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, research analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Friday, November 29th. First BanCorp.'s dividend payout ratio (DPR) is presently 35.36%.

First BanCorp. Company 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.