QRG Capital Management Inc. Makes New Investment in First BanCorp. (NYSE:FBP)

QRG Capital Management Inc. bought a new stake in shares of First BanCorp. (NYSE:FBP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,670 shares of the bank’s stock, valued at approximately $205,000.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. raised its stake in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares in the last quarter. CWM LLC raised its position in shares of First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares in the last quarter. USA Financial Formulas lifted its holdings in shares of First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after acquiring an additional 2,234 shares during the period. SageView Advisory Group LLC acquired a new stake in shares of First BanCorp. during the 1st quarter worth approximately $110,000. Finally, Perkins Coie Trust Co bought a new position in First BanCorp. in the second quarter valued at approximately $146,000. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Trading Down 0.1 %

NYSE FBP opened at $21.65 on Wednesday. First BanCorp. has a twelve month low of $13.89 and a twelve month high of $22.40. The business’s fifty day moving average is $20.40 and its 200 day moving average is $19.47. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The firm had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. As a group, sell-side analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 7,612 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the transaction, the executive vice president now directly owns 89,420 shares of the company’s stock, valued at $1,935,943. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the sale, the executive vice president now owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the transaction, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. 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 have sold 34,556 shares of company stock worth $736,365. Company insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

FBP has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. 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. Finally, Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.