First BanCorp. $FBP Stock Position Boosted by Schroder Investment Management Group

Schroder Investment Management Group raised its stake in shares of First BanCorp. (NYSE:FBP) by 8.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,005,383 shares of the bank’s stock after buying an additional 157,721 shares during the period. Schroder Investment Management Group’s holdings in First BanCorp. were worth $44,259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in First BanCorp. by 14.4% during the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after purchasing an additional 114,931 shares in the last quarter. Citigroup Inc. increased its position in shares of First BanCorp. by 48.3% during the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after purchasing an additional 131,293 shares during the period. Bayforest Capital Ltd raised its stake in shares of First BanCorp. by 191.9% in the 3rd quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock worth $898,000 after buying an additional 26,772 shares in the last quarter. American Century Companies Inc. raised its stake in shares of First BanCorp. by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after buying an additional 616,170 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of First BanCorp. by 11.7% in the third quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after buying an additional 73,168 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Roberto R. Herencia sold 4,723 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the sale, the director owned 637,019 shares in the company, valued at $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the company’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 completion of the sale, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. This trade represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.30% of the company’s stock.

First BanCorp. Stock Down 0.6%

Shares of First BanCorp. stock opened at $20.28 on Thursday. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43. The firm has a market capitalization of $3.17 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $21.73 and its 200-day moving average is $21.27.

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

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, February 26th will be paid a dividend of $0.20 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Thursday, February 26th. First BanCorp.’s payout ratio is currently 37.21%.

Wall Street Analyst Weigh In

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

About First BanCorp.

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.