Public Sector Pension Investment Board Buys 73,168 Shares of First BanCorp. $FBP

Public Sector Pension Investment Board boosted its stake in First BanCorp. (NYSE:FBP) by 11.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,827 shares of the bank’s stock after purchasing an additional 73,168 shares during the quarter. Public Sector Pension Investment Board’s holdings in First BanCorp. were worth $15,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of FBP. EverSource Wealth Advisors LLC increased its holdings in shares of First BanCorp. by 151.7% in the 2nd 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 last quarter. Hantz Financial Services Inc. lifted its holdings in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock worth $48,000 after acquiring an additional 2,035 shares during the last quarter. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares in the last quarter. Covestor Ltd increased its stake in First BanCorp. by 56.7% in the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after acquiring an additional 1,104 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in First BanCorp. by 14.5% during the third quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank’s stock valued at $106,000 after purchasing an additional 605 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $22.44 on Friday. The stock has a market capitalization of $3.54 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88. First BanCorp. has a one year low of $16.40 and a one year high of $23.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day simple moving average is $21.56 and its two-hundred day simple moving average is $21.20.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The firm had revenue of $257.17 million for the quarter, compared to analysts’ expectations of $256.18 million. During the same quarter last year, the business earned $0.46 earnings per share. Analysts forecast that First BanCorp. will post 1.85 EPS 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 given a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. First BanCorp.’s dividend payout ratio is presently 33.49%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Wells Fargo & Company dropped their price target 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. Truist Financial boosted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research note on Wednesday, January 28th. Hovde Group lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.58.

Insider Activity

In related news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president owned 62,937 shares in the company, valued at $1,391,537.07. The trade was a 35.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roberto R. Herencia sold 4,723 shares of the company’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 value of $106,881.49. Following the transaction, the director directly owned 637,019 shares of the company’s stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.30% of the company’s stock.

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.