Fmr LLC Decreases Stake in First BanCorp. (NYSE:FBP)

Fmr LLC cut its stake in shares of First BanCorp. (NYSE:FBP) by 1.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,601,690 shares of the bank’s stock after selling 180,948 shares during the quarter. Fmr LLC owned about 0.07% of First BanCorp. worth $245,608,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Gladius Capital Management LP acquired a new stake in First BanCorp. during the 3rd quarter worth about $25,000. Blue Trust Inc. raised its stake in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC lifted its holdings in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares during the period. USA Financial Formulas boosted its position in First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after buying an additional 2,234 shares during the last quarter. Finally, Perkins Coie Trust Co acquired a new position in First BanCorp. in the 2nd quarter worth approximately $146,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the sale, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, 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. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $20.68 on Monday. The company has a market capitalization of $3.39 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.87 and a beta of 1.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The company’s fifty day moving average price is $20.56 and its 200 day moving average price is $19.78. First BanCorp. has a 1 year low of $14.86 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping 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 business had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, research analysts predict 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 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 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s dividend payout ratio (DPR) is presently 35.36%.

Analyst Ratings Changes

Several analysts have commented on FBP shares. Hovde Group decreased their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company lowered their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Finally, Piper Sandler cut their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.40.

First BanCorp. 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.