Citigroup Inc. Increases Holdings in First BanCorp. (NYSE:FBP)

Citigroup Inc. grew its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 10.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 339,438 shares of the bank's stock after purchasing an additional 32,825 shares during the quarter. Citigroup Inc. owned approximately 0.21% of First BanCorp. worth $7,186,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Gladius Capital Management LP purchased a new position in First BanCorp. during the 3rd quarter valued at about $25,000. Blue Trust Inc. grew its position in shares of First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock worth $36,000 after buying an additional 1,668 shares during the last quarter. CWM LLC increased its stake in shares of First BanCorp. by 222.6% during 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 during the period. USA Financial Formulas raised its holdings in shares of First BanCorp. by 166.7% during the third quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after acquiring an additional 2,234 shares in the last quarter. Finally, Perkins Coie Trust Co purchased a new stake in First BanCorp. in the second quarter worth $146,000. Hedge funds and other institutional investors 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 on Tuesday, September 3rd. The stock was 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 owns 87,476 shares in the company, 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 through this link. Also, 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 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 disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

First BanCorp. Stock Down 1.3 %

FBP traded down $0.27 during midday trading on Friday, reaching $20.68. The company's stock had a trading volume of 669,055 shares, compared to its average volume of 1,025,186. First BanCorp. has a 1 year low of $14.86 and a 1 year high of $22.40. The stock's 50-day moving average is $20.56 and its 200-day moving average is $19.77. The firm 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. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.46 EPS. As a group, research analysts expect that First BanCorp. will post 1.76 EPS 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. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.09%. First BanCorp.'s payout ratio is presently 35.36%.

Analyst Ratings Changes

A number of brokerages have issued reports on FBP. Wells Fargo & Company reduced 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. Hovde Group cut their price objective on First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Finally, Piper Sandler lowered their target price on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, First BanCorp. presently has a consensus rating of "Moderate Buy" and an average target price 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.