Intech Investment Management LLC Grows Stake in First BanCorp. (NYSE:FBP)

Intech Investment Management LLC lifted its stake in shares of First BanCorp. (NYSE:FBP) by 135.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 192,012 shares of the bank’s stock after purchasing an additional 110,531 shares during the period. Intech Investment Management LLC’s holdings in First BanCorp. were worth $4,065,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co raised its stake in shares of 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 raised its stake in 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 during the period. Mercer Global Advisors Inc. ADV lifted its holdings in First BanCorp. by 8.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after purchasing an additional 971 shares during the last quarter. Gladius Capital Management LP bought a new position in First BanCorp. during the third quarter worth about $25,000. Finally, FCG Investment Co increased its stake in shares of First BanCorp. by 4.8% in the second quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock worth $551,000 after purchasing an additional 1,375 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on FBP shares. Piper Sandler cut their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Hovde Group reduced their price target 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. Finally, Wells Fargo & Company dropped their price objective 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. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Stock Up 1.3 %

Shares of NYSE:FBP opened at $21.30 on Friday. The firm has a fifty day moving average price of $20.49 and a two-hundred day moving average price of $19.63. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.86 and a beta of 1.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. First BanCorp. has a one year low of $14.72 and a one year high of $22.40.

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, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. Analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business 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 $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Friday, November 29th. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

Insider Activity at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 7,612 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now owns 89,420 shares in the company, valued at $1,935,943. The trade was a 7.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,556 shares of company stock valued at $736,365 over the last three months. 2.50% of the stock is owned by corporate insiders.

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.