Victory Capital Management Inc. Buys 163,481 Shares of First BanCorp. (NYSE:FBP)

Victory Capital Management Inc. raised its stake in shares of First BanCorp. (NYSE:FBPGet Rating) by 10.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,757,049 shares of the bank’s stock after purchasing an additional 163,481 shares during the quarter. Victory Capital Management Inc. owned 0.89% of First BanCorp. worth $23,154,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in FBP. EverSource Wealth Advisors LLC bought a new position in shares of First BanCorp. during the 4th quarter worth about $25,000. Strs Ohio bought a new position in shares of First BanCorp. during the 4th quarter worth about $30,000. Maverick Capital Ltd. bought a new position in shares of First BanCorp. during the 4th quarter worth about $41,000. Lazard Asset Management LLC increased its holdings in shares of First BanCorp. by 700.7% during the 4th quarter. Lazard Asset Management LLC now owns 4,492 shares of the bank’s stock worth $61,000 after purchasing an additional 3,931 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new stake in First BanCorp. in the first quarter valued at about $66,000. Institutional investors own 92.81% of the company’s stock.

Insider Transactions at First BanCorp.

In other news, Director Roberto R. Herencia sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $14.11, for a total transaction of $1,411,000.00. Following the transaction, the director now directly owns 732,484 shares in the company, valued at $10,335,349.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Nayda Rivera sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $15.00, for a total value of $300,000.00. Following the transaction, the executive vice president now directly owns 276,911 shares in the company, valued at $4,153,665. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roberto R. Herencia sold 100,000 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $14.11, for a total transaction of $1,411,000.00. Following the completion of the transaction, the director now owns 732,484 shares in the company, valued at $10,335,349.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,000 shares of company stock worth $2,608,400. Corporate insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler decreased their price objective on shares of First BanCorp. to $16.00 in a research note on Monday, July 4th. StockNews.com cut shares of First BanCorp. from a “buy” rating to a “hold” rating in a research note on Monday, May 23rd.

First BanCorp. Price Performance

Shares of FBP stock opened at $14.81 on Friday. First BanCorp. has a 1 year low of $11.66 and a 1 year high of $16.62. The firm’s 50 day moving average is $14.04 and its 200-day moving average is $13.88. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 0.94 and a beta of 1.17. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.25.

First BanCorp. Dividend Announcement

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

First BanCorp. Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for First BanCorp. (NYSE:FBP)

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