Vest Financial LLC Has $5.63 Million Stock Holdings in First BanCorp. $FBP

Vest Financial LLC increased its stake in First BanCorp. (NYSE:FBP) by 21.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 255,348 shares of the bank’s stock after acquiring an additional 45,647 shares during the quarter. Vest Financial LLC owned about 0.16% of First BanCorp. worth $5,630,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in First BanCorp. during the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its position in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares during the period. Jones Financial Companies Lllp increased its position in shares of First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares during the period. CWM LLC raised its stake in First BanCorp. by 93.4% during the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after buying an additional 2,567 shares during the last quarter. Finally, Savant Capital LLC acquired a new position in First BanCorp. in the second quarter valued at $204,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Stock Up 5.0%

FBP stock opened at $22.07 on Thursday. The firm has a market capitalization of $3.49 billion, a PE ratio of 10.71, a P/E/G ratio of 1.17 and a beta of 0.88. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.60. The stock’s 50 day moving average is $20.76 and its 200-day moving average is $21.12.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The business had revenue of $248.71 million during the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period in the prior year, the firm posted $0.45 EPS. Sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FBP shares. Truist Financial decreased their price target on First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. Piper Sandler started coverage on First BanCorp. in a report on Thursday, January 15th. They issued a “neutral” rating and a $23.00 target price for the company. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price target (down from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Finally, UBS Group set a $25.00 price objective on shares of First BanCorp. in a research report on Thursday, October 9th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.80.

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.