XTX Topco Ltd Acquires 11,824 Shares of First BanCorp. $FBP

XTX Topco Ltd raised its stake in shares of First BanCorp. (NYSE:FBP) by 26.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,487 shares of the bank’s stock after buying an additional 11,824 shares during the period. XTX Topco Ltd’s holdings in First BanCorp. were worth $1,177,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new position in shares of First BanCorp. during the 2nd quarter valued at about $29,000. Jones Financial Companies Lllp boosted its position in 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 purchasing an additional 2,262 shares during the period. Quarry LP grew its holdings in First BanCorp. by 191.2% during the first quarter. Quarry LP now owns 3,585 shares of the bank’s stock valued at $69,000 after purchasing an additional 2,354 shares during the last quarter. Covestor Ltd raised its position in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank’s stock valued at $83,000 after purchasing an additional 711 shares during the period. Finally, CWM LLC raised its position in shares of First BanCorp. by 93.4% in the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock valued at $111,000 after purchasing an additional 2,567 shares during the period. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on FBP. Truist Financial lowered their target price on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Wednesday, October 8th. UBS Group set a $25.00 price objective on First BanCorp. in a research note on Thursday, October 9th. Wells Fargo & Company decreased their target price on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 target price (down previously from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

First BanCorp. Stock Down 1.5%

NYSE FBP opened at $19.73 on Friday. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.60. The stock has a market cap of $3.12 billion, a PE ratio of 9.58, a PEG ratio of 1.02 and a beta of 1.01. The firm has a 50-day simple moving average of $20.68 and a 200 day simple moving average of $20.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81.

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

First BanCorp. Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.’s dividend payout ratio (DPR) is 34.95%.

First BanCorp. Company 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.