Paloma Partners Management Co Invests $315,000 in First BanCorp. (NYSE:FBP)

Paloma Partners Management Co acquired a new stake in shares of First BanCorp. (NYSE:FBP) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 14,874 shares of the bank’s stock, valued at approximately $315,000.

Other large investors have also added to or reduced their stakes in the company. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. during the third quarter valued at approximately $25,000. Blue Trust Inc. lifted its position in First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares in the last quarter. CWM LLC lifted its position in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares in the last quarter. USA Financial Formulas increased its holdings in shares of First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after purchasing an additional 2,234 shares in the last quarter. Finally, Perkins Coie Trust Co purchased a new position in shares of First BanCorp. in the second quarter worth $146,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Down 0.5 %

FBP opened at $20.45 on Friday. The firm’s 50 day simple moving average is $20.55 and its two-hundred day simple moving average is $19.83. The company has a market capitalization of $3.35 billion, a PE ratio of 11.30, a PEG ratio of 1.86 and a beta of 1.12. First BanCorp. has a 1-year low of $15.15 and a 1-year high of $22.40. 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 announced its earnings results 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 return on equity of 19.91% and a net margin of 24.94%. The company had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same period last year, the firm earned $0.46 EPS. First BanCorp.’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, equities analysts forecast that First BanCorp. will post 1.76 EPS for the current 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 paid a dividend of $0.16 per share. 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 3.13%. First BanCorp.’s dividend payout ratio (DPR) is presently 35.36%.

Insider Activity at First BanCorp.

In other First BanCorp. news, 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FBP shares. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday. 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 note on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Hovde Group dropped their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.60.

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.