New York State Teachers Retirement System Reduces Stake in First BanCorp

During the third quarter, the New York State Teachers Retirement System reduced its holdings in First BanCorp. (NYSE:FBP) by 3.1%, according to their recent Form 13F filing with the Securities and Exchange Commission. After selling 2,328 shares during this period, the retirement system now owns 73,389 shares of the bank’s stock, valued at approximately $1,554,000.

Other institutional investors have also made changes to their stakes in First BanCorp. For instance, Jupiter Asset Management Ltd. acquired a new position valued at $16,719,000 in the first quarter. Meanwhile, Vanguard Group Inc. increased its holdings by 2.0%, now owning 22,414,701 shares worth $393,154,000 following an additional purchase of 448,845 shares last quarter. Similarly, LSV Asset Management raised its stake by 22.9% in the second quarter, resulting in ownership of 1,619,842 shares valued at $29,627,000 after buying 301,443 shares. Furthermore, Panagora Asset Management Inc. increased its position by 55.8%, holding 656,855 shares worth $12,014,000 after an additional purchase of 235,156 shares in the same quarter. Lastly, Edgestream Partners L.P. grew its stake by 44.4%, ending up with 459,484 shares valued at $8,059,000 after acquiring 141,261 shares last quarter. It's noteworthy that institutional investors and hedge funds collectively own 97.91% of First BanCorp.'s stock.

Current Stock Performance

As of Friday, shares of First BanCorp. opened at $21.10. The bank's stock has seen a 52-week low of $13.89 and a high of $22.40. The company’s performance metrics include a debt-to-equity ratio of 0.36, and both a quick ratio and a current ratio of 0.78. The 50-day simple moving average stands at $20.39, while the two-hundred day average is $19.41. The market capitalization of First BanCorp. is approximately $3.46 billion with a price-to-earnings ratio of 11.65, a PEG ratio of 1.63, and a beta of 1.11.

In its latest quarterly earnings report released on October 23rd, First BanCorp. announced earnings per share (EPS) of $0.45, surpassing the analysts’ expectations of $0.41 by $0.04. The bank recorded a net margin of 24.94% and a return on equity of 19.91%. Revenue for the quarter totaled $234.57 million, which was shy of the consensus estimate of $238.51 million. Compared to the previous year, quarterly revenue increased by 2.0%, although EPS was slightly lower than the $0.46 reported during the same period last year. Analysts predict that the bank will achieve an EPS of 1.75 for the current fiscal year.

Dividend Announcement

Recently, First BanCorp. declared a quarterly dividend that will be distributed on December 13th. Shareholders on record by November 29th will receive a dividend of $0.16, which equates to an annualized dividend of $0.64 and a yield of 3.03%. The ex-dividend date is also set for November 29th, and the company maintains a payout ratio of 35.36%.

Analyst Perspectives

Wall Street analysts have provided various outlooks for First BanCorp. Hovde Group reduced their price target from $25.00 to $24.00 while maintaining an “outperform” rating for the company. Piper Sandler adjusted their target down from $22.00 to $21.00, indicating a “neutral” stance. Additionally, Wells Fargo & Company decreased their target from $22.00 to $20.00, rating it as “equal weight”. As per MarketBeat.com, two analysts suggest holding the stock, while three recommend buying it. The overall rating stands at “Moderate Buy,” with an average target price of $21.40.

Insider Transactions

In other news, First BanCorp.'s Executive Vice President Michael McDonald sold 1,944 shares of the company's stock on September 3rd at an average price of $21.51, collecting total proceeds of around $41,815.44. Following this transaction, he retains ownership of 87,476 shares valued at roughly $1,881,608.76, reflecting no significant change in his position. It's also worth noting that insiders currently hold about 2.50% of the company’s stock.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico, offering a diverse range of financial products and services to both individual and commercial clients. The company has six operational segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, U.S. Operations, and Virgin Islands Operations.

NewYork, Retirement, Investment