UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Holdings in First BanCorp. (NYSE:FBP)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in shares of First BanCorp. (NYSE:FBP) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 419,298 shares of the bank’s stock after selling 10,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.26% of First BanCorp. worth $8,877,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. during the 3rd quarter worth $25,000. Blue Trust Inc. raised its holdings in 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 in the last quarter. CWM LLC lifted its position in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares during the last quarter. USA Financial Formulas boosted its holdings in shares of First BanCorp. by 166.7% in the 3rd 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 in the last quarter. Finally, QRG Capital Management Inc. purchased a new position in shares of First BanCorp. in the 3rd quarter worth approximately $205,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of FBP opened at $20.58 on Monday. The firm has a market capitalization of $3.37 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 1.86 and a beta of 1.12. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company’s fifty day moving average price is $20.54 and its 200-day moving average price is $19.87. First BanCorp. has a 1-year low of $15.15 and a 1-year high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. 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 earned $0.46 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts predict that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 3.11%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is 35.36%.

Analysts Set New Price Targets

FBP has been the subject of a number of analyst reports. Piper Sandler decreased their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company raised their price objective on First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Hovde Group decreased their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

Insider Activity

In other news, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the transaction, the executive vice president now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.50% of the company’s stock.

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.