Algert Global LLC Increases Stock Position in First BanCorp. $FBP

Algert Global LLC grew its holdings in shares of First BanCorp. (NYSE:FBP) by 14.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,071,756 shares of the bank’s stock after purchasing an additional 132,506 shares during the period. First BanCorp. makes up about 0.4% of Algert Global LLC’s holdings, making the stock its 23rd biggest position. Algert Global LLC owned approximately 0.68% of First BanCorp. worth $23,632,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in First BanCorp. in the second quarter valued at $41,404,000. Boston Partners boosted its position in shares of First BanCorp. by 767.8% during the 3rd quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after purchasing an additional 1,116,791 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after purchasing an additional 649,987 shares during the period. American Century Companies Inc. increased its holdings in shares of First BanCorp. by 8.9% in the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after purchasing an additional 616,170 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in shares of First BanCorp. by 176.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock valued at $18,123,000 after purchasing an additional 524,256 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FBP has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Hovde Group upped their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Piper Sandler reaffirmed a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Finally, Truist Financial lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.58.

Insider Buying and Selling at First BanCorp.

In other news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares of the company’s stock, valued at $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roberto R. Herencia sold 4,723 shares of the company’s stock in a transaction 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 completion of the transaction, the director owned 637,019 shares of the company’s stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.30% of the company’s stock.

First BanCorp. Trading Down 1.5%

Shares of FBP stock opened at $20.52 on Friday. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 9.54, a PEG ratio of 1.28 and a beta of 0.87. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $21.73 and a 200 day moving average price of $21.25. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $23.43.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $257.17 million during the quarter, compared to the consensus estimate of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the previous year, the firm posted $0.46 earnings per share. Research 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 announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, February 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, February 26th. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio is presently 37.21%.

First BanCorp. Company 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.