Fmr LLC Sells 180,948 Shares of First BanCorp. (NYSE:FBP)

FMR LLC cut its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,601,690 shares of the bank's stock after selling 180,948 shares during the period. FMR LLC owned approximately 7.08% of First BanCorp. worth $245,608,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FBP. SummerHaven Investment Management LLC increased its stake in shares of First BanCorp. by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank's stock valued at $1,059,000 after acquiring an additional 856 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of First BanCorp. by 8.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank's stock valued at $217,000 after purchasing an additional 971 shares during the period. Gladius Capital Management LP acquired a new position in shares of First BanCorp. during the 3rd quarter valued at $25,000. FCG Investment Co raised its stake in shares of First BanCorp. by 4.8% in the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank's stock worth $551,000 after buying an additional 1,375 shares in the last quarter. Finally, Pathstone Holdings LLC lifted its holdings in shares of First BanCorp. by 0.9% in the third quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank's stock valued at $3,393,000 after buying an additional 1,435 shares during the period. 97.91% of the stock is owned by institutional investors.

Insider Buying and Selling at First BanCorp.

In related 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 value of $529,750.00. Following the transaction, the executive vice president now 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 1,944 shares of the firm'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 transaction of $41,815.44. Following 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. Company insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FBP. Piper Sandler dropped their price target 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. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Thursday, October 24th. Finally, Hovde Group decreased their price target on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.40.

First BanCorp. Trading Up 1.2 %

Shares of First BanCorp. stock traded up $0.24 during trading on Monday, hitting $20.92. The stock had a trading volume of 278,364 shares, compared to its average volume of 1,035,572. First BanCorp. has a 1 year low of $15.15 and a 1 year high of $22.40. The stock has a 50 day simple moving average of $20.56 and a 200 day simple moving average of $19.78. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $3.43 billion, a PE ratio of 11.43, a P/E/G ratio of 1.87 and a beta of 1.11.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $234.57 million for the quarter, compared to analysts' expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. On average, research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.06%. First BanCorp.'s payout ratio is presently 35.36%.

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.