Stieven Capital Advisors L.P. Sells 26,800 Shares of First BanCorp. (NYSE:FBP)

Stieven Capital Advisors L.P. trimmed its position in First BanCorp. (NYSE:FBP) by 5.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 467,510 shares of the bank’s stock after selling 26,800 shares during the quarter. First BanCorp. comprises about 1.9% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 21st biggest position. Stieven Capital Advisors L.P. owned about 0.28% of First BanCorp. worth $8,551,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Private Wealth Management Group LLC bought a new stake in shares of First BanCorp. in the fourth quarter worth about $26,000. Neo Ivy Capital Management bought a new stake in shares of First BanCorp. in the fourth quarter worth about $36,000. SageView Advisory Group LLC bought a new stake in shares of First BanCorp. in the first quarter worth about $110,000. Perkins Coie Trust Co bought a new stake in shares of First BanCorp. in the second quarter worth about $146,000. Finally, Bailard Inc. bought a new stake in shares of First BanCorp. in the second quarter worth about $216,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Trading Up 0.9 %

Shares of NYSE:FBP traded up $0.19 during trading hours on Friday, hitting $21.38. 1,037,632 shares of the company’s stock traded hands, compared to its average volume of 885,728. First BanCorp. has a 1 year low of $12.72 and a 1 year high of $22.12. The business has a fifty day moving average price of $19.96 and a 200-day moving average price of $18.21. The firm has a market capitalization of $3.50 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The business had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. During the same quarter in the previous year, the business earned $0.37 earnings per share. Equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 29th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.99%. First BanCorp.’s payout ratio is 36.57%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FBP. Piper Sandler began coverage on First BanCorp. in a research report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target for the company. Raymond James began coverage on First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target for the company. Hovde Group lifted their price target on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company lifted their price target on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.83.

Insider Buying and Selling

In related news, COO Donald Kafka sold 50,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Donald Kafka sold 50,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Carlos Power sold 22,896 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The disclosure for this sale can be found here. Insiders have sold a total of 80,508 shares of company stock valued at $1,748,251 over the last quarter. 2.50% of the stock is owned by corporate insiders.

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.