Navellier & Associates Inc. Sells 6,016 Shares of First BanCorp. (NYSE:FBP)

Navellier & Associates Inc. lowered its stake in First BanCorp. (NYSE:FBP) by 19.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,919 shares of the bank’s stock after selling 6,016 shares during the quarter. Navellier & Associates Inc.’s holdings in First BanCorp. were worth $528,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after acquiring an additional 448,845 shares in the last quarter. LSV Asset Management increased its stake in First BanCorp. by 22.9% during the 2nd 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 in the last quarter. Algert Global LLC raised its holdings in First BanCorp. by 4.1% during 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. lifted its stake in shares of First BanCorp. by 55.8% in the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock valued at $12,014,000 after buying an additional 235,156 shares in the last quarter. Finally, Prospector Partners LLC increased its position in shares of First BanCorp. by 0.7% during the second quarter. Prospector Partners LLC now owns 489,495 shares of the bank’s stock worth $8,953,000 after acquiring an additional 3,170 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Up 1.7 %

First BanCorp. stock opened at $21.04 on Friday. First BanCorp. has a fifty-two week low of $14.72 and a fifty-two week high of $22.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50-day simple moving average is $20.46 and its 200 day simple moving average is $19.62. The stock has a market cap of $3.45 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.86 and a beta of 1.11.

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

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.04%. First BanCorp.’s payout ratio is currently 35.36%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FBP. Piper Sandler dropped 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 report on Thursday, October 24th. Wells Fargo & Company dropped their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Finally, Hovde Group decreased their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, First BanCorp. has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,556 shares of company stock worth $736,365 in the last quarter. Insiders own 2.50% of the company’s stock.

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.