Martingale Asset Management L P Increases Stock Position in First BanCorp. (NYSE:FBP)

Martingale Asset Management L P grew its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 63.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,341 shares of the bank's stock after acquiring an additional 34,616 shares during the period. Martingale Asset Management L P owned about 0.05% of First BanCorp. worth $1,891,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in First BanCorp. in the third quarter worth about $1,471,000. Cynosure Group LLC bought a new stake in shares of First BanCorp. in the 3rd quarter valued at about $374,000. BNP Paribas Financial Markets lifted its position in shares of First BanCorp. by 104.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 74,250 shares of the bank's stock worth $1,572,000 after purchasing an additional 37,856 shares during the period. Advantage Alpha Capital Partners LP boosted its stake in shares of First BanCorp. by 11.9% during the third quarter. Advantage Alpha Capital Partners LP now owns 24,653 shares of the bank's stock valued at $522,000 after purchasing an additional 2,630 shares in the last quarter. Finally, Algert Global LLC raised its stake in First BanCorp. by 2.9% in the third quarter. Algert Global LLC now owns 676,749 shares of the bank's stock worth $14,327,000 after buying an additional 19,290 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Buying and Selling 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The stock was 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 in the company, valued at $1,881,608.76. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.50% of the company's stock.

First BanCorp. Stock Down 1.3 %

NYSE FBP traded down $0.27 during trading on Friday, hitting $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 fifty-two week low of $14.86 and a fifty-two week high of $22.40. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $3.39 billion, a PE ratio of 11.43, a P/E/G ratio of 1.87 and a beta of 1.11. The business's 50 day simple moving average is $20.56 and its 200-day simple moving average is $19.77.

First BanCorp. (NYSE:FBP - Get Free Report) last released its 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 net margin of 24.94% and a return on equity of 19.91%. First BanCorp.'s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 EPS. On average, equities analysts anticipate that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid 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 yield of 3.09%. First BanCorp.'s dividend payout ratio (DPR) is 35.36%.

Wall Street Analyst Weigh In

FBP has been the subject of several recent research reports. Hovde Group reduced their price target on First BanCorp. from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Wells Fargo & Company decreased their price target on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Thursday, October 24th. Finally, Piper Sandler cut their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock 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.