69,500 Shares in First BanCorp. (NYSE:FBP) Bought by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in First BanCorp. (NYSE:FBP) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 69,500 shares of the bank’s stock, valued at approximately $1,471,000.

Several other institutional investors have also added to or reduced their stakes in the business. SummerHaven Investment Management LLC increased its holdings in shares of First BanCorp. by 1.5% during the second 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 in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in First BanCorp. by 8.9% during the 2nd 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 in the last quarter. Gladius Capital Management LP purchased a new position in shares of First BanCorp. in the third quarter worth $25,000. FCG Investment Co raised its holdings 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 buying an additional 1,375 shares during the last quarter. Finally, Pathstone Holdings LLC lifted its stake in shares of First BanCorp. by 0.9% during the third quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after buying an additional 1,435 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at First BanCorp.

In other 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 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 $1,881,608.76. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nayda Rivera sold 25,000 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. 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 reports. Wells Fargo & Company reduced their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Hovde Group cut 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. Finally, Piper Sandler reduced their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report 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.com, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $21.40.

First BanCorp. Stock Down 2.0 %

Shares of FBP opened at $20.68 on Monday. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.87 and a beta of 1.11. First BanCorp. has a 52 week low of $14.86 and a 52 week high of $22.40. The stock’s 50-day moving average price is $20.56 and its 200-day moving average price is $19.78. 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 issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter last year, the company earned $0.46 EPS. The business’s revenue was up 2.0% on a year-over-year basis. On average, sell-side analysts predict 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. Shareholders of record on Friday, November 29th will be given a $0.16 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.09%. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

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.