Bayforest Capital Ltd Purchases 26,772 Shares of First BanCorp. $FBP

Bayforest Capital Ltd raised its position in First BanCorp. (NYSE:FBP) by 191.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,723 shares of the bank’s stock after purchasing an additional 26,772 shares during the period. First BanCorp. accounts for 0.4% of Bayforest Capital Ltd’s investment portfolio, making the stock its 26th biggest position. Bayforest Capital Ltd’s holdings in First BanCorp. were worth $898,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. CWM LLC grew its position 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 in the last quarter. KLP Kapitalforvaltning AS boosted its position in shares of First BanCorp. by 10.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 34,400 shares of the bank’s stock valued at $717,000 after acquiring an additional 3,300 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of First BanCorp. by 8.9% during the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after purchasing an additional 616,170 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of First BanCorp. in the second quarter worth approximately $29,000. Finally, First Citizens Bank & Trust Co. bought a new position in shares of First BanCorp. in the second quarter worth approximately $427,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Truist Financial dropped their price objective on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $24.00 target price (down from $26.00) on shares of First BanCorp. in a research 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. Finally, UBS Group set a $25.00 price target on First BanCorp. in a research note on Thursday, October 9th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and an average price target of $24.00.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $21.46 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.39 billion, a PE ratio of 10.42, a PEG ratio of 1.20 and a beta of 0.88. The company’s fifty day moving average is $20.56 and its 200 day moving average is $21.12. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.60.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 26.73% and a return on equity of 17.45%. During the same period in the prior year, the business posted $0.45 earnings per share. Research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Friday, November 28th. First BanCorp.’s payout ratio is 34.95%.

About First BanCorp.

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.