12,158 Shares in First BanCorp. (NYSE:FBP) Bought by Verition Fund Management LLC

Verition Fund Management LLC purchased a new stake in First BanCorp. (NYSE:FBP) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,158 shares of the bank’s stock, valued at approximately $257,000.

Other institutional investors have also made changes to their positions in the company. LSV Asset Management increased its position in First BanCorp. by 22.9% in the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock worth $29,627,000 after buying an additional 301,443 shares during the period. Panagora Asset Management Inc. raised its stake in First BanCorp. by 55.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock valued at $12,014,000 after purchasing an additional 235,156 shares during the last quarter. Intech Investment Management LLC boosted its holdings in First BanCorp. by 135.7% in the 3rd quarter. Intech Investment Management LLC now owns 192,012 shares of the bank’s stock valued at $4,065,000 after purchasing an additional 110,531 shares during the period. X Square Capital LLC grew its position in First BanCorp. by 45.2% in the 2nd quarter. X Square Capital LLC now owns 351,170 shares of the bank’s stock worth $6,423,000 after purchasing an additional 109,340 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of First BanCorp. during the 3rd quarter worth about $1,471,000. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on FBP. Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler reduced their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, Wells Fargo & Company increased their price objective on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.60.

Insider Buying and Selling at First BanCorp.

In related news, 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 in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Trading Down 0.6 %

Shares of FBP stock opened at $19.81 on Friday. The company has a market capitalization of $3.25 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.82 and a beta of 1.12. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. First BanCorp. has a 12-month low of $15.15 and a 12-month high of $22.40. The firm has a 50-day moving average price of $20.52 and a 200 day moving average price of $19.94.

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

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.23%. First BanCorp.’s dividend payout ratio is currently 35.36%.

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.