First BanCorp. $FBP Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. increased its holdings in shares of First BanCorp. (NYSE:FBP) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,053,743 shares of the bank’s stock after acquiring an additional 152,742 shares during the quarter. Vanguard Group Inc. owned approximately 0.13% of First BanCorp. worth $464,235,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FBP. Norges Bank bought a new position in shares of First BanCorp. during the second quarter valued at approximately $41,404,000. Qube Research & Technologies Ltd lifted its holdings in shares of First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after purchasing an additional 649,987 shares during the last quarter. American Century Companies Inc. boosted its position in First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after purchasing an additional 616,170 shares during the period. Allianz Asset Management GmbH grew its stake in First BanCorp. by 176.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock worth $18,123,000 after buying an additional 524,256 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after buying an additional 402,488 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.9%

Shares of NYSE FBP opened at $22.32 on Thursday. The business has a fifty day simple moving average of $21.77 and a 200-day simple moving average of $21.30. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 10.38, a P/E/G ratio of 1.36 and a beta of 0.88. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $23.43. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The company had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the prior year, the firm earned $0.46 earnings per share. Sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 annualized dividend and a yield of 3.6%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is currently 33.49%.

Insider Activity

In related news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Truist Financial raised their target price on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Piper Sandler restated a “neutral” rating and issued a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Hovde Group boosted their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods raised their target price on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $24.58.

First BanCorp. Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.