First BanCorp. (NYSE:FBP) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its position in shares of First BanCorp. (NYSE:FBP) by 5.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 213,595 shares of the bank’s stock after selling 11,970 shares during the period. Franklin Resources Inc.’s holdings in First BanCorp. were worth $4,518,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FBP. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. in the 3rd quarter valued at approximately $25,000. Blue Trust Inc. lifted 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 valued at $36,000 after acquiring an additional 1,668 shares during the last quarter. CWM LLC grew its position in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in First BanCorp. in the third quarter worth approximately $66,000. Finally, USA Financial Formulas increased its stake in First BanCorp. by 166.7% during the third 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 last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on FBP. Wells Fargo & Company upped their price target on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Hovde Group decreased their target price on shares of 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 lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler decreased their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock 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 has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $18.63 on Tuesday. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12. First BanCorp. has a 12 month low of $15.15 and a 12 month high of $22.40. 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 business has a 50-day moving average of $20.32 and a 200 day moving average of $20.02.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) 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 firm had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same period last year, the business posted $0.46 earnings per share. First BanCorp.’s revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a dividend of $0.16 per share. The ex-dividend date was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.44%. First BanCorp.’s payout ratio is currently 35.36%.

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.