First BanCorp. (NYSE:FBP) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in shares of First BanCorp. (NYSE:FBP) by 2.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 419,298 shares of the bank’s stock after selling 10,328 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in First BanCorp. were worth $8,877,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FBP. Gladius Capital Management LP acquired a new stake in First BanCorp. in the third quarter valued at approximately $25,000. Blue Trust Inc. raised its stake in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the period. CWM LLC lifted its position in shares of First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares in the last quarter. USA Financial Formulas grew its stake in First BanCorp. by 166.7% in 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. Finally, QRG Capital Management Inc. purchased a new stake in First BanCorp. in the 3rd quarter worth $205,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. 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 report on Friday, October 25th. Piper Sandler decreased their price target 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. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company raised their target price on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.60.

First BanCorp. Stock Up 0.6 %

Shares of NYSE FBP opened at $20.58 on Monday. The stock has a market cap of $3.37 billion, a PE ratio of 11.37, a P/E/G ratio of 1.86 and a beta of 1.12. 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. has a 12-month low of $15.15 and a 12-month high of $22.40. The company has a 50-day moving average of $20.54 and a 200 day moving average of $19.87.

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

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Friday, November 29th. First BanCorp.’s dividend payout ratio (DPR) is presently 35.36%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. 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 directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.50% of the company’s stock.

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.