First BanCorp. $FBP Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS grew its stake in First BanCorp. (NYSE:FBP) by 10.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,400 shares of the bank’s stock after purchasing an additional 3,300 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in First BanCorp. were worth $717,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FBP. Wellington Management Group LLP acquired a new position in First BanCorp. during the first quarter worth about $28,344,000. Nuveen LLC purchased a new stake in shares of First BanCorp. in the 1st quarter valued at approximately $15,963,000. Millennium Management LLC grew its holdings in shares of First BanCorp. by 61.2% in the first quarter. Millennium Management LLC now owns 1,528,642 shares of the bank’s stock valued at $29,304,000 after purchasing an additional 580,489 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of First BanCorp. by 1,445.7% in the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in First BanCorp. by 3.0% during the 1st quarter. American Century Companies Inc. now owns 6,925,748 shares of the bank’s stock worth $132,767,000 after acquiring an additional 201,674 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP opened at $20.26 on Friday. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.60. The firm has a fifty day moving average of $21.76 and a 200-day moving average of $20.68. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The business had revenue of $246.81 million for the quarter, compared to analysts’ expectations of $250.73 million. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Investors of record on Tuesday, September 30th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 4.5%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is currently 38.30%.

Insiders Place Their Bets

In related news, CEO Aurelio Aleman sold 50,000 shares of First BanCorp. stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.30, for a total value of $1,115,000.00. Following the transaction, the chief executive officer owned 1,059,547 shares of the company’s stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on FBP shares. UBS Group set a $25.00 price target on shares of First BanCorp. in a research report on Thursday, October 9th. Wells Fargo & Company raised their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Truist Financial initiated coverage on shares of First BanCorp. in a report on Thursday, October 9th. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.33.

About First BanCorp.

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.