Hennion & Walsh Asset Management Inc. Sells 3,454 Shares of First BanCorp. (NYSE:FBP)

Hennion & Walsh Asset Management Inc. trimmed its stake in shares of First BanCorp. (NYSE:FBP) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 164,194 shares of the bank’s stock after selling 3,454 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.10% of First BanCorp. worth $2,880,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Private Wealth Management Group LLC bought a new stake in shares of First BanCorp. during the fourth quarter valued at about $26,000. Neo Ivy Capital Management bought a new stake in First BanCorp. during the 4th quarter worth approximately $36,000. Strs Ohio lifted its stake in First BanCorp. by 206.3% in the 4th quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after purchasing an additional 3,300 shares in the last quarter. Headlands Technologies LLC bought a new position in First BanCorp. in the 4th quarter valued at $113,000. Finally, Mackenzie Financial Corp grew its position in shares of First BanCorp. by 8.1% during the 4th quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock valued at $206,000 after purchasing an additional 942 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

NYSE:FBP traded up $0.36 during midday trading on Friday, hitting $18.29. The company had a trading volume of 1,568,526 shares, compared to its average volume of 1,071,914. The company has a market capitalization of $3.04 billion, a PE ratio of 10.45, a P/E/G ratio of 1.47 and a beta of 1.13. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 52-week low of $12.05 and a 52-week high of $18.62. The stock’s fifty day moving average price is $17.69 and its 200-day moving average price is $17.01.

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

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 30th were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.50%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the stock in a transaction 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 sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. 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.