Shell Asset Management Co. Cuts Stock Position in First BanCorp. (NYSE:FBP)

Posted by MarketBeat News on Aug 5th, 2022

Shell Asset Management Co. lessened its position in First BanCorp. (NYSE:FBP – Get Rating) by 12.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,495 shares of the bank’s stock after selling 4,218 shares during the quarter. Shell Asset Management Co.’s holdings in First BanCorp. were worth $374,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its stake in First BanCorp. by 2.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 37,955 shares of the bank’s stock worth $523,000 after purchasing an additional 881 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in First BanCorp. by 3.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 29,082 shares of the bank’s stock worth $382,000 after purchasing an additional 986 shares in the last quarter. Natixis Advisors L.P. grew its stake in First BanCorp. by 3.6% during the 4th quarter. Natixis Advisors L.P. now owns 30,459 shares of the bank’s stock worth $420,000 after purchasing an additional 1,066 shares in the last quarter. HighTower Advisors LLC grew its stake in First BanCorp. by 2.8% during the 4th quarter. HighTower Advisors LLC now owns 41,471 shares of the bank’s stock worth $570,000 after purchasing an additional 1,120 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in First BanCorp. by 7.6% during the 4th quarter. Qube Research & Technologies Ltd now owns 18,388 shares of the bank’s stock worth $253,000 after purchasing an additional 1,297 shares in the last quarter. Hedge funds and other institutional investors own 92.81% of the company’s stock.

First BanCorp. Trading Down 1.7 %

NYSE:FBP opened at $14.81 on Friday. The stock has a 50-day simple moving average of $14.04 and a 200-day simple moving average of $13.88. The stock has a market cap of $2.93 billion, a P/E ratio of 9.87, a P/E/G ratio of 0.94 and a beta of 1.17. First BanCorp. has a 1 year low of $11.66 and a 1 year high of $16.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.70 and a current ratio of 0.70.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Thursday, August 25th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Wednesday, August 24th. First BanCorp.’s payout ratio is currently 32.00%.

Wall Street Analyst Weigh In

FBP has been the subject of several analyst reports. StockNews.com cut First BanCorp. from a “buy” rating to a “hold” rating in a research note on Monday, May 23rd. Piper Sandler lowered their price objective on First BanCorp. to $16.00 in a research report on Monday, July 4th.

Insider Activity

In other news, CEO Aurelio Aleman sold 10,000 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $14.93, for a total value of $149,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,107,159 shares of the company’s stock, valued at approximately $16,529,883.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Aurelio Aleman sold 10,000 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $14.93, for a total value of $149,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,107,159 shares of the company’s stock, valued at approximately $16,529,883.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nayda Rivera sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $15.00, for a total value of $300,000.00. Following the completion of the sale, the executive vice president now directly owns 276,911 shares of the company’s stock, valued at $4,153,665. The disclosure for this sale can be found here. In the last three months, insiders sold 180,000 shares of company stock valued at $2,608,400. Insiders own 2.10% of the company’s stock.

About First BanCorp.

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First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.