Perkins Coie Trust Co Has $212,000 Holdings in First BanCorp. (NYSE:FBP)

Perkins Coie Trust Co raised its position in First BanCorp. (NYSE:FBP) by 25.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the bank’s stock after buying an additional 2,000 shares during the period. Perkins Coie Trust Co’s holdings in First BanCorp. were worth $212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its stake in shares of First BanCorp. by 32.8% in the third quarter. Handelsbanken Fonder AB now owns 41,331 shares of the bank’s stock worth $875,000 after acquiring an additional 10,200 shares during the last quarter. American Trust raised its stake in shares of First BanCorp. by 15.1% in the second quarter. American Trust now owns 15,586 shares of the bank’s stock worth $285,000 after acquiring an additional 2,046 shares during the last quarter. Algert Global LLC raised its stake in shares of First BanCorp. by 4.1% in the second quarter. Algert Global LLC now owns 657,459 shares of the bank’s stock worth $12,025,000 after acquiring an additional 25,958 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of First BanCorp. by 44.5% in the second quarter. Mackenzie Financial Corp now owns 18,083 shares of the bank’s stock worth $331,000 after acquiring an additional 5,572 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of First BanCorp. by 33.2% in the second quarter. AQR Capital Management LLC now owns 71,930 shares of the bank’s stock worth $1,316,000 after acquiring an additional 17,939 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of research analyst reports. Piper Sandler initiated coverage on shares of First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price for the company. Raymond James initiated coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Hovde Group boosted their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.17.

Insider Activity at First BanCorp.

In related news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares in the company, valued at approximately $3,807,786.09. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the transaction, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,452 shares of company stock worth $1,790,066. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Trading Up 0.7 %

Shares of FBP traded up $0.14 on Wednesday, reaching $20.21. 48,837 shares of the company’s stock were exchanged, compared to its average volume of 1,039,761. The stock has a market capitalization of $3.36 billion, a P/E ratio of 11.46, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. The business has a 50 day moving average price of $20.51 and a two-hundred day moving average price of $18.92. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $304.28 million during the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same quarter in the previous year, the company earned $0.37 earnings per share. Research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s dividend payout ratio is currently 36.57%.

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.