Intech Investment Management LLC Purchases Shares of 81,481 First BanCorp. (NYSE:FBP)

Intech Investment Management LLC purchased a new stake in First BanCorp. (NYSE:FBP) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 81,481 shares of the bank’s stock, valued at approximately $1,490,000.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after purchasing an additional 448,845 shares during the period. Frontier Capital Management Co. LLC raised its holdings in shares of First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after buying an additional 116,642 shares during the period. Norges Bank acquired a new position in First BanCorp. during the 4th quarter worth about $32,590,000. Goldman Sachs Group Inc. boosted its holdings in First BanCorp. by 6.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after acquiring an additional 110,797 shares during the period. Finally, First Trust Advisors LP grew its position in First BanCorp. by 5.6% in the 4th quarter. First Trust Advisors LP now owns 1,681,979 shares of the bank’s stock valued at $27,669,000 after acquiring an additional 89,837 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FBP. Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Hovde Group increased their target price on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler began coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and a consensus target price of $20.83.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 22,896 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the sale, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at $5,002,280.20. The disclosure for this sale can be found here. Insiders sold 82,452 shares of company stock worth $1,790,066 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Down 0.5 %

Shares of First BanCorp. stock opened at $20.55 on Wednesday. First BanCorp. has a 52-week low of $12.72 and a 52-week high of $22.12. The company has a 50 day moving average of $20.68 and a 200 day moving average of $18.66. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $3.42 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.38 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. As a group, research analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.11%. First BanCorp.’s dividend payout ratio is presently 36.57%.

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.