SummerHaven Investment Management LLC Acquires 41,834 Shares of First BanCorp. $FBP

SummerHaven Investment Management LLC acquired a new position in First BanCorp. (NYSE:FBP) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 41,834 shares of the bank’s stock, valued at approximately $1,102,000.

A number of other institutional investors have also recently bought and sold shares of the business. Corient Private Wealth LP increased its position in shares of First BanCorp. by 3.0% during the 2nd quarter. Corient Private Wealth LP now owns 18,382 shares of the bank’s stock valued at $479,000 after purchasing an additional 536 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares during the period. Measured Wealth Private Client Group LLC raised its stake in shares of First BanCorp. by 1.9% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 35,979 shares of the bank’s stock worth $769,000 after purchasing an additional 656 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of First BanCorp. by 4.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,671 shares of the bank’s stock worth $461,000 after purchasing an additional 692 shares during the period. Finally, Baron Wealth Management LLC boosted its holdings in shares of First BanCorp. by 7.1% in the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock worth $325,000 after buying an additional 1,011 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FBP shares. Weiss Ratings restated a “buy (a-)” rating on shares of First BanCorp. in a research report on Thursday, August 27th. Zacks Research downgraded shares of First BanCorp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 23rd. Truist Financial lifted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Wells Fargo & Company lowered their price objective on shares of First BanCorp. from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 29th. Finally, Raymond James Financial cut shares of First BanCorp. from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.86.

Insiders Place Their Bets

In other news, Director Roberto Herencia sold 26,350 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the transaction, the director owned 610,669 shares in the company, valued at approximately $17,391,853.12. This represents a 4.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nayda Rivera sold 10,000 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total value of $281,900.00. Following the transaction, the executive vice president owned 230,398 shares of the company’s stock, valued at $6,494,919.62. The trade was a 4.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 46,350 shares of company stock worth $1,328,248 in the last ninety days. Insiders own 1.90% of the company’s stock.

First BanCorp. Price Performance

First BanCorp. stock opened at $27.35 on Friday. The business’s 50 day simple moving average is $27.74 and its 200 day simple moving average is $26.03. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $29.88. The company has a market cap of $4.18 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 1.04 and a beta of 0.84. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. The business had revenue of $264.86 million during the quarter, compared to the consensus estimate of $265.31 million. Sell-side analysts forecast that First BanCorp. will post 2.40 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Thursday, August 27th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 27th. First BanCorp.’s dividend payout ratio is currently 33.76%.

First BanCorp. Profile

First BanCorp. is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, FirstBank Puerto Rico, the company provides a range of banking and financial services to individuals, businesses, and institutions.

FirstBank’s offerings include deposit accounts, consumer and commercial lending, residential mortgage loans, credit cards, automobile financing, cash management, online and mobile banking, and investment and trust-related services. The bank also provides insurance services through affiliated operations.

FirstBank serves customers primarily in Puerto Rico and the U.S.