First BanCorp. (NYSE:FBP) Position Reduced by X Square Capital LLC

X Square Capital LLC decreased its holdings in First BanCorp. (NYSE:FBP) by 10.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 314,170 shares of the bank’s stock after selling 37,000 shares during the period. First BanCorp. makes up about 2.9% of X Square Capital LLC’s investment portfolio, making the stock its 3rd largest position. X Square Capital LLC’s holdings in First BanCorp. were worth $6,651,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co raised its holdings in First BanCorp. by 0.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after buying an additional 815 shares during the period. SummerHaven Investment Management LLC grew its position in First BanCorp. by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock valued at $1,059,000 after acquiring an additional 856 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in First BanCorp. by 8.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after acquiring an additional 971 shares in the last quarter. FCG Investment Co grew its position in First BanCorp. by 4.8% in the second quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock valued at $551,000 after acquiring an additional 1,375 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in First BanCorp. by 4.3% in the first quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock valued at $591,000 after acquiring an additional 1,396 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

First BanCorp. stock opened at $19.30 on Thursday. The company has a market cap of $3.21 billion, a PE ratio of 11.03, a P/E/G ratio of 1.72 and a beta of 1.10. The company has a fifty day moving average price of $20.65 and a two-hundred day moving average price of $19.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 12 month low of $12.88 and a 12 month high of $22.12.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the business posted $0.37 earnings per share. Research analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

Insider Activity at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares in the company, valued at $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,452 shares of company stock worth $699,566 over the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on FBP shares. Wells Fargo & Company raised their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Hovde Group raised their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler started coverage on shares of First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 price target for the company. Finally, Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $22.20.

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.