First BanCorp. $FBP Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in First BanCorp. (NYSE:FBP) by 15.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,407,825 shares of the bank’s stock after acquiring an additional 184,769 shares during the period. JPMorgan Chase & Co. owned approximately 0.89% of First BanCorp. worth $31,043,000 as of its most recent SEC filing.

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

First BanCorp. Trading Down 0.1%

FBP opened at $20.56 on Monday. The firm’s 50 day moving average is $21.65 and its 200-day moving average is $21.19. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $23.43. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.22 billion, a P/E ratio of 9.56, a P/E/G ratio of 1.28 and a beta of 0.87.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate 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 prior year, the firm earned $0.46 earnings per share. Analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, February 26th were issued a $0.20 dividend. The ex-dividend date was Thursday, February 26th. This represents a $0.80 dividend on an annualized basis and a yield of 3.9%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio (DPR) is presently 37.21%.

Insider Transactions at First BanCorp.

In other news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares in the company, valued at $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. 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 sale, the executive vice president directly owned 62,937 shares in the company, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on FBP shares. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. Hovde Group boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Piper Sandler restated a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Finally, Truist Financial lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Four research 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.58.

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.