First BanCorp. (NYSE:FBP) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board decreased its position in shares of First BanCorp. (NYSE:FBP) by 5.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 345,476 shares of the bank’s stock after selling 18,400 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.21% of First BanCorp. worth $7,314,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. 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. grew its position 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 acquiring an additional 1,668 shares during the period. 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. USA Financial Formulas raised its position in First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after purchasing an additional 2,234 shares during the period. Finally, Perkins Coie Trust Co purchased a new stake in First BanCorp. in the second quarter valued at $146,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

NYSE FBP opened at $20.71 on Friday. 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 has a market cap of $3.39 billion, a P/E ratio of 11.44, a P/E/G ratio of 1.91 and a beta of 1.11. The stock has a 50-day moving average of $20.56 and a two-hundred day moving average of $19.76. First BanCorp. has a 1-year low of $14.86 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 net margin of 24.94% and a return on equity of 19.91%. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, analysts anticipate that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FBP shares. Piper Sandler cut their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Hovde Group dropped their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.40.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. This trade represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the company’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 transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

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.