First BanCorp. (NYSE:FBP) Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in First BanCorp. (NYSE:FBP) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,800 shares of the bank’s stock after selling 3,100 shares during the quarter. Swiss National Bank owned approximately 0.20% of First BanCorp. worth $6,876,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co grew 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 worth $3,101,000 after acquiring an additional 815 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in First BanCorp. by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 478,005 shares of the bank’s stock worth $8,385,000 after purchasing an additional 10,599 shares during the period. EMC Capital Management increased its holdings in First BanCorp. by 129.4% during the 1st quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock worth $402,000 after purchasing an additional 12,920 shares during the period. Boston Partners raised its position in First BanCorp. by 67.9% in the 1st quarter. Boston Partners now owns 87,587 shares of the bank’s stock valued at $1,536,000 after purchasing an additional 35,424 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of First BanCorp. by 131.4% in the 2nd quarter. SG Americas Securities LLC now owns 60,595 shares of the bank’s stock valued at $1,108,000 after buying an additional 34,413 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $21.26 on Wednesday. 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. has a 52 week low of $14.72 and a 52 week high of $22.40. The firm’s 50 day moving average is $20.53 and its two-hundred day moving average is $19.70. The firm has a market capitalization of $3.48 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.92 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating 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 firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same period in the previous year, the company earned $0.46 earnings per share. First BanCorp.’s quarterly revenue was up 2.0% compared to the same quarter last year. Research analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Hovde Group cut their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Finally, Piper Sandler decreased their price objective 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

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.