Thrivent Financial for Lutherans Takes $3.30 Million Position in First BanCorp. $FBP

Thrivent Financial for Lutherans acquired a new position in shares of First BanCorp. (NYSE:FBP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 149,503 shares of the bank’s stock, valued at approximately $3,296,000. Thrivent Financial for Lutherans owned about 0.09% of First BanCorp. as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its position in First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after purchasing an additional 1,129 shares during the period. Jones Financial Companies Lllp lifted its position in First BanCorp. by 328.8% during the 1st 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 in the last quarter. Covestor Ltd grew its stake in shares of First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after purchasing an additional 1,104 shares during the last quarter. CWM LLC boosted its position in First BanCorp. by 93.4% in the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock valued at $111,000 after buying an additional 2,567 shares during the last quarter. Finally, Savant Capital LLC bought a new position in First BanCorp. in the second quarter valued at about $204,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Up 1.6%

Shares of NYSE FBP opened at $23.25 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43. The stock has a market capitalization of $3.67 billion, a P/E ratio of 10.81, a PEG ratio of 1.44 and a beta of 0.88. The stock’s fifty day moving average is $21.30 and its 200 day moving average is $21.14.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The business had revenue of $257.17 million during the quarter, compared to the consensus estimate of $256.18 million. During the same period in the prior year, the company earned $0.46 EPS. Sell-side analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, February 26th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.4%. The ex-dividend date is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is 33.49%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FBP. Piper Sandler reaffirmed a “neutral” rating and set a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Wells Fargo & Company reduced their price objective on 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 increased their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Finally, Hovde Group raised their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.58.

Insider Transactions at First BanCorp.

In other 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 value of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, 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 through this link. 2.30% of the stock is currently owned by insiders.

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.