Dimensional Fund Advisors Cuts First BanCorp/PR Stake to 5.99%

TL;DR

**Dimensional Fund Advisors just trimmed its stake in First BanCorp/PR, now holding 5.99%.**

AI Summary

Dimensional Fund Advisors LP, a Delaware Limited Partnership, filed an amended SC 13G/A on February 9, 2024, indicating its beneficial ownership of Common Stock in First BanCorp/Puerto Rico. As of December 29, 2023, Dimensional Fund Advisors LP reported owning 10,776,303 shares, representing 5.99% of the company's outstanding shares. This is a decrease from their previous filing, where they reported owning 11,940,000 shares, or 6.6% of the company, as of December 31, 2022. This matters to investors because it shows a significant institutional investor has reduced its stake in First BanCorp/Puerto Rico, which could signal a change in their outlook on the company's future performance.

Why It Matters

A major institutional investor, Dimensional Fund Advisors LP, has reduced its holdings in First BanCorp/Puerto Rico, which could be interpreted as a decrease in their confidence in the stock's future prospects.

Risk Assessment

Risk Level: medium — A significant institutional investor reducing its stake can signal potential concerns, but the remaining 5.99% ownership is still substantial.

Analyst Insight

A smart investor would investigate the reasons behind Dimensional Fund Advisors LP's reduction in their stake in First BanCorp/Puerto Rico, potentially looking for any negative news or changes in the company's fundamentals that might have prompted this move, before making any investment decisions.

Key Numbers

• 10,776,303 — shares beneficially owned (the number of Common Stock shares in First BanCorp/Puerto Rico held by Dimensional Fund Advisors LP as of December 29, 2023)
• 5.99% — percentage of class owned (the percentage of First BanCorp/Puerto Rico's Common Stock beneficially owned by Dimensional Fund Advisors LP as of December 29, 2023)
• 11,940,000 — previous shares owned (the number of shares Dimensional Fund Advisors LP reported owning in their previous filing as of December 31, 2022)
• 6.6% — previous percentage owned (the percentage of shares Dimensional Fund Advisors LP reported owning in their previous filing as of December 31, 2022)

Key Players & Entities

• Dimensional Fund Advisors LP (company) — the reporting person who filed the SC 13G/A
• First BanCorp/Puerto Rico (company) — the issuer whose securities are being reported
• Delaware Limited Partnership (company) — the organizational structure and place of organization for Dimensional Fund Advisors LP
• December 29, 2023 (date) — the date of the event which required the filing of this statement
• February 9, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Other institutional investors may review their positions in First BanCorp/Puerto Rico following Dimensional Fund Advisors LP's reduction. (First BanCorp/Puerto Rico) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• SEC13G_Filing.htm (SC 13G/A) — 17KB
• 0000354204-24-002913.txt ( ) — 19KB

From the Filing

SC 13G/A 1 SEC13G_Filing.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 6 ) * First BanCorp/Puerto Rico (Name of Issuer) Common Stock (Title of Class of Securities) 318672706 (CUSIP Number) December 29, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes.) CUSIP No. 318672706 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Dimensional Fund Advisors LP 30-0447847 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware Limited Partnership NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 9,890,465 ** see Note 1 ** 6. SHARED VOTING POWER 0 7. SOLE DISPOSITIVE POWER 10,096,761 ** see Note 1 ** 8. SHARED DISPOSITIVE POWER 0 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,096,761 ** see Note 1 ** 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9% 12. TYPE OF REPORTING PERSON IA Item 1. (a) Name of Issuer First BanCorp/Puerto Rico (b) Address of Issuer's Principal Executive Offices 1519 Ponce de Leon Avenue, Stop 23, Santurce 00908, Puerto Rico Item 2. (a) Name of Person Filing Dimensional Fund Advisors LP (b) Address of Principal Business Office or, if None, Residence 6300 Bee Cave Road, Building One, Austin, TX 78746 (c) Citizenship Delaware Limited Partnership (d) Title of Class of Securities Common Stock (e) CUSIP Number 318672706 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [X] An investment adviser in accordance with Rule 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Rule 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(J). Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount Beneficially Owned: 10,096,761 ** see Note 1 ** (b) Percent of Class: 5.9% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote 9,890,465 ** see Note 1 ** (ii) shared power to vote or to direct the vote 0 (iii) sole power to dispose or to direct the disposition of 10,096,761 ** see Note 1 ** (iv) shared power to dispose or to direct the disposition of 0 ** Note 1 ** Dimensional Fund Advisors LP, an investment adviser registered under Section 203 of the Investment Advisors Act of 1940, furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment manager or sub-adviser to certain other commingled funds, group trusts and separate accounts (such investment companies, trusts and accounts, collectively referred to as the "Funds"). In certain cases, subsidiaries of Dimensional Fund Advisors LP may act as an adviser or sub-adviser to certain Funds. In its role as investment advisor, sub-adviser and/or manager, Dimensional Fund Advisors LP or its subsidiaries (collectively, "Dimensional") may possess voting and/or investment power over the securities of the Issuer that are owned by