Charles Schwab Investment Management Inc. Has $37.84 Million Position in First BanCorp. (NYSE:FBP)

Charles Schwab Investment Management Inc. decreased its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 6.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,787,224 shares of the bank's stock after selling 130,949 shares during the period. Charles Schwab Investment Management Inc. owned 1.09% of First BanCorp. worth $37,836,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gladius Capital Management LP bought a new position in shares of First BanCorp. in the third quarter valued at $25,000. Blue Trust Inc. increased its holdings in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock valued at $36,000 after buying an additional 1,668 shares in the last quarter. CWM LLC increased its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank's stock valued at $60,000 after buying 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 third quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after buying an additional 2,234 shares in the last quarter. Finally, Perkins Coie Trust Co bought a new position in shares of First BanCorp. in the second quarter valued at $146,000. Institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Wells Fargo & Company upped their price target on First BanCorp. from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Tuesday. Piper Sandler cut their target price on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a research note on Thursday, October 24th. Finally, 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. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.80.

First BanCorp. Stock Down 0.7 %

NYSE:FBP traded down $0.15 during trading hours on Tuesday, hitting $20.55. 822,272 shares of the stock traded hands, compared to its average volume of 1,039,479. The firm has a 50 day moving average price of $20.56 and a 200 day moving average price of $19.80. 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. has a fifty-two week low of $15.15 and a fifty-two week high of $22.40. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.87 and a beta of 1.12.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $0.46 EPS. First BanCorp.'s revenue was up 2.0% on a year-over-year basis. Equities research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

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 issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Friday, November 29th. First BanCorp.'s dividend payout ratio is currently 35.36%.

Insider Activity

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 sale, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.50% of the stock is currently 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.