Vest Financial LLC Has $2.46 Million Holdings in First BanCorp. (NYSE:FBP)

Vest Financial LLC raised its position in First BanCorp. (NYSE:FBP - Free Report) by 83.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,280 shares of the bank's stock after purchasing an additional 60,155 shares during the quarter. Vest Financial LLC owned about 0.08% of First BanCorp. worth $2,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in FBP. Gladius Capital Management LP bought a new position in shares of First BanCorp. in the third quarter valued at approximately $25,000. R Squared Ltd bought a new position in shares of First BanCorp. in the fourth quarter valued at approximately $28,000. Blue Trust Inc. boosted its holdings in shares of 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 boosted its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank's stock valued at $60,000 after acquiring an additional 1,952 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of First BanCorp. in the third quarter valued at approximately $66,000. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Price Performance

NYSE:FBP traded down $0.66 during trading hours on Wednesday, reaching $20.32. 1,234,783 shares of the company's stock were exchanged, compared to its average volume of 964,396. The company has a market capitalization of $3.33 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14. First BanCorp. has a 12 month low of $16.12 and a 12 month high of $22.40. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The business's 50-day simple moving average is $19.63 and its two-hundred day simple moving average is $20.24.

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First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the previous year, the business earned $0.46 earnings per share. Sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.54%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. First BanCorp.'s payout ratio is presently 35.36%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction 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. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.50% of the company's stock.

Analyst Ratings Changes

FBP has been the subject of several recent analyst reports. Piper Sandler decreased their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Finally, Hovde Group reduced their target price on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $22.40.

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.