First BanCorp. (NYSE:FBP) Stock Holdings Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,386,606 shares of the bank's stock after purchasing an additional 112,432 shares during the period. Geode Capital Management LLC owned 2.68% of First BanCorp. worth $92,879,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in FBP. Texas Permanent School Fund Corp raised its stake in shares of First BanCorp. by 41.9% during the second quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank's stock valued at $3,824,000 after purchasing an additional 61,701 shares during the period. Inspire Investing LLC acquired a new stake in First BanCorp. during the 2nd quarter valued at $810,000. Westover Capital Advisors LLC purchased a new stake in First BanCorp. during the 2nd quarter worth $616,000. Choreo LLC acquired a new position in First BanCorp. in the 2nd quarter worth $207,000. Finally, Martingale Asset Management L P lifted its holdings in First BanCorp. by 63.3% in the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank's stock worth $1,891,000 after buying an additional 34,616 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

FBP has been the topic of a number of analyst reports. Hovde Group dropped their target price 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. Piper Sandler dropped their price objective on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a report on Thursday, October 24th. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.60.

First BanCorp. Stock Performance

Shares of FBP traded up $0.07 during mid-day trading on Friday, hitting $18.38. The stock had a trading volume of 4,763,223 shares, compared to its average volume of 1,049,169. First BanCorp. has a fifty-two week low of $15.15 and a fifty-two week high of $22.40. 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 cap of $3.01 billion, a PE ratio of 10.15, a PEG ratio of 1.82 and a beta of 1.12. The company's fifty day simple moving average is $20.38 and its two-hundred day simple moving average is $19.97.

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, 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 firm had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.48%. First BanCorp.'s payout ratio is currently 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.