Pathstone Holdings LLC Has $3.39 Million Stock Position in First BanCorp. (NYSE:FBP)

Pathstone Holdings LLC boosted its holdings in shares of First BanCorp. (NYSE:FBP) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 160,254 shares of the bank’s stock after buying an additional 1,435 shares during the quarter. Pathstone Holdings LLC owned approximately 0.10% of First BanCorp. worth $3,393,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FBP. Vanguard Group Inc. increased its holdings in shares of First BanCorp. by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after acquiring an additional 448,845 shares during the last quarter. LSV Asset Management increased its holdings in shares of First BanCorp. by 22.9% in the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after purchasing an additional 301,443 shares during the last quarter. Algert Global LLC raised its position in shares of First BanCorp. by 4.1% in the second quarter. Algert Global LLC now owns 657,459 shares of the bank’s stock valued at $12,025,000 after purchasing an additional 25,958 shares during the period. Panagora Asset Management Inc. lifted its stake in shares of First BanCorp. by 55.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after buying an additional 235,156 shares during the last quarter. Finally, Prospector Partners LLC lifted its stake in shares of First BanCorp. by 0.7% during the 2nd quarter. Prospector Partners LLC now owns 489,495 shares of the bank’s stock worth $8,953,000 after buying an additional 3,170 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $21.30 on Monday. First BanCorp. has a 12-month low of $14.72 and a 12-month high of $22.40. The company’s 50 day moving average price is $20.51 and its two-hundred day moving average price is $19.67. The firm has a market cap of $3.49 billion, a PE ratio of 11.77, a PEG ratio of 1.90 and a beta of 1.11. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 EPS. Equities research analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.00%. First BanCorp.’s dividend payout ratio is 35.36%.

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 1,944 shares of the company’s 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 completion of the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. This represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

FBP has been the topic of several research analyst reports. Hovde Group lowered their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company lowered their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Finally, Piper Sandler reduced their price target 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.40.

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.