Hennessy Advisors Inc. Sells 10,000 Shares of First BanCorp. (NYSE:FBP)

Hennessy Advisors Inc. cut its stake in First BanCorp. (NYSE:FBP) by 10.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,000 shares of the bank’s stock after selling 10,000 shares during the period. Hennessy Advisors Inc. owned about 0.05% of First BanCorp. worth $1,526,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its holdings in shares of First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after purchasing an additional 110,797 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of First BanCorp. by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock worth $928,000 after purchasing an additional 661 shares during the last quarter. Wellington Management Group LLP grew its holdings in First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after acquiring an additional 993,819 shares in the last quarter. Headlands Technologies LLC bought a new position in First BanCorp. during the 4th quarter worth about $113,000. Finally, Invesco Ltd. grew its holdings in First BanCorp. by 32.0% during the 3rd quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock worth $13,918,000 after acquiring an additional 250,577 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Activity at First BanCorp.

In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

First BanCorp. Stock Up 1.9 %

Shares of FBP stock traded up $0.34 during mid-day trading on Friday, hitting $18.27. 342,918 shares of the stock traded hands, compared to its average volume of 1,049,899. The stock has a market cap of $3.04 billion, a P/E ratio of 10.25, a P/E/G ratio of 1.46 and a beta of 1.13. The stock’s fifty day moving average is $17.67 and its two-hundred day moving average is $16.99. First BanCorp. has a 52-week low of $12.05 and a 52-week high of $18.62. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. The business had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period in the prior year, the firm posted $0.39 earnings per share. Equities analysts predict that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Thursday, May 30th. First BanCorp.’s payout ratio is 36.57%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FBP shares. Wells Fargo & Company increased their target price on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th.

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.