Natixis Advisors LLC Purchases 2,068 Shares of First BanCorp. (NYSE:FBP)

Natixis Advisors LLC increased its position in First BanCorp. (NYSE:FBP) by 4.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 50,528 shares of the bank’s stock after acquiring an additional 2,068 shares during the quarter. Natixis Advisors LLC’s holdings in First BanCorp. were worth $1,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its position in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares during the period. CWM LLC boosted its stake in shares of First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares during the last quarter. USA Financial Formulas grew its position in shares of First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after acquiring an additional 2,234 shares during the period. Perkins Coie Trust Co purchased a new stake in shares of First BanCorp. in the 2nd quarter worth $146,000. Finally, QRG Capital Management Inc. bought a new position in First BanCorp. in the 3rd quarter worth $205,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FBP shares. Piper Sandler cut their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Finally, Hovde Group decreased their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Price Performance

FBP stock opened at $21.26 on Wednesday. The company has a fifty day simple moving average of $20.53 and a two-hundred day simple moving average of $19.70. First BanCorp. has a 52 week low of $14.72 and a 52 week high of $22.40. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $3.48 billion, a P/E ratio of 11.85, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. First BanCorp.’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the company earned $0.46 earnings per share. Analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s dividend payout ratio is currently 35.36%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

First BanCorp. Company Profile

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.