Thrivent Financial for Lutherans Has $3.04 Million Stake in First BanCorp. (NYSE:FBP)

Thrivent Financial for Lutherans lowered its position in First BanCorp. (NYSE:FBP) by 4.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 143,459 shares of the bank’s stock after selling 6,452 shares during the period. Thrivent Financial for Lutherans owned 0.09% of First BanCorp. worth $3,037,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake 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 purchasing an additional 448,845 shares during the last quarter. LSV Asset Management raised its holdings in First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after buying an additional 301,443 shares in the last quarter. Algert Global LLC lifted 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 worth $12,025,000 after buying an additional 25,958 shares during the last quarter. Panagora Asset Management Inc. boosted 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 acquiring an additional 235,156 shares in the last quarter. Finally, Prospector Partners LLC increased its holdings 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 valued at $8,953,000 after acquiring an additional 3,170 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Activity

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

Analyst Upgrades and Downgrades

FBP has been the subject of a number of recent analyst reports. Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Piper Sandler lowered their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, Wells Fargo & Company cut their target price 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. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $21.40.

First BanCorp. Trading Up 1.4 %

Shares of First BanCorp. stock opened at $21.59 on Tuesday. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.92 and a beta of 1.11. First BanCorp. has a 1 year low of $14.72 and a 1 year high of $22.40. The company’s fifty day simple moving average is $20.51 and its 200-day simple moving average is $19.68. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The business’s revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, November 29th. First BanCorp.’s payout ratio is presently 35.36%.

First BanCorp. 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.