Xponance Inc. Acquires 2,086 Shares of First BanCorp. (NYSE:FBP)

Xponance Inc. grew its holdings in First BanCorp. (NYSE:FBP) by 9.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,361 shares of the bank’s stock after purchasing an additional 2,086 shares during the quarter. Xponance Inc.’s holdings in First BanCorp. were worth $427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

First BanCorp. Stock Up 1.4 %

Shares of NYSE:FBP opened at $21.17 on Tuesday. The business’s 50 day moving average is $20.69 and its 200 day moving average is $18.75. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.45 and a beta of 1.10. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) 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 net margin of 25.91% and a return on equity of 21.86%. During the same period in the previous year, the firm earned $0.37 EPS. On average, sell-side analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.02%. First BanCorp.’s dividend payout ratio is currently 36.57%.

Insider Transactions at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock worth $1,790,066 in the last 90 days. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FBP. Hovde Group upped their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler assumed coverage on First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Wells Fargo & Company boosted their price objective on First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, July 24th. Finally, Raymond James initiated coverage on First BanCorp. in a 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.83.

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.