Mutual of America Capital Management LLC Sells 2,694 Shares of First BanCorp. (NYSE:FBP)

Mutual of America Capital Management LLC lessened its stake in First BanCorp. (NYSE:FBP) by 9.9% in the third quarter, HoldingsChannel reports. The fund owned 24,491 shares of the bank’s stock after selling 2,694 shares during the period. Mutual of America Capital Management LLC’s holdings in First BanCorp. were worth $518,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Texas Permanent School Fund Corp increased its stake in First BanCorp. by 41.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank’s stock worth $3,824,000 after purchasing an additional 61,701 shares during the period. SG Americas Securities LLC boosted its stake in shares of First BanCorp. by 131.4% during the second quarter. SG Americas Securities LLC now owns 60,595 shares of the bank’s stock valued at $1,108,000 after purchasing an additional 34,413 shares during the period. Inspire Investing LLC bought a new position in shares of First BanCorp. in the second quarter worth approximately $810,000. Westover Capital Advisors LLC purchased a new position in shares of First BanCorp. in the second quarter worth $616,000. Finally, Choreo LLC bought a new stake in First BanCorp. during the 2nd quarter valued at $207,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. The trade was a 9.56 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Stock Down 1.6 %

Shares of First BanCorp. stock opened at $21.26 on Wednesday. The company’s fifty day simple moving average is $20.53 and its two-hundred day simple moving average is $19.70. First BanCorp. has a 12-month low of $14.72 and a 12-month high of $22.40. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a market cap of $3.48 billion, a P/E ratio of 11.75, a PEG ratio of 1.92 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. First BanCorp.’s quarterly revenue was up 2.0% on a year-over-year basis. Research analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s dividend payout ratio is currently 35.36%.

Analyst Ratings Changes

A number of brokerages have issued reports on FBP. Piper Sandler cut their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Finally, Hovde Group reduced their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

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.