Inspire Investing LLC Purchases Shares of 44,269 First BanCorp. (NYSE:FBP)

Inspire Investing LLC acquired a new position in shares of First BanCorp. (NYSE:FBP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,269 shares of the bank’s stock, valued at approximately $810,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBP. CANADA LIFE ASSURANCE Co increased its holdings in First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after purchasing an additional 815 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in shares of First BanCorp. by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock worth $1,059,000 after buying an additional 856 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in First BanCorp. by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after buying an additional 971 shares during the last quarter. FCG Investment Co lifted its stake in First BanCorp. by 4.8% in the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock valued at $551,000 after acquiring an additional 1,375 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in First BanCorp. by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after acquiring an additional 1,396 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP opened at $20.66 on Friday. The company has a market cap of $3.44 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.10. The firm has a 50-day moving average of $20.66 and a 200-day moving average of $18.60. First BanCorp. has a one year low of $12.72 and a one year high of $22.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The firm had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter in the previous year, the business earned $0.37 earnings per share. As a group, equities analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s dividend payout ratio is 36.57%.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 22,896 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the sale, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The disclosure for this sale can be found here. Insiders sold a total of 82,452 shares of company stock valued at $1,790,066 over the last ninety days. 2.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FBP. Wells Fargo & Company lifted their price objective on shares of First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Piper Sandler began coverage on shares of First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 price target on the stock. Hovde Group increased their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

About First BanCorp.

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.