First BanCorp. (NYSE:FBP) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in First BanCorp. (NYSE:FBP - Free Report) by 2.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,294,509 shares of the bank's stock after selling 53,183 shares during the period. JPMorgan Chase & Co. owned 1.40% of First BanCorp. worth $48,575,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FBP. Gladius Capital Management LP bought a new stake in First BanCorp. in the third 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 acquiring an additional 1,668 shares in the last quarter. CWM LLC increased its holdings in shares of First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank's stock valued at $60,000 after acquiring an additional 1,952 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. in the 3rd quarter valued at approximately $66,000. Finally, USA Financial Formulas raised its position in shares of First BanCorp. by 166.7% during the 3rd 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. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FBP shares. Piper Sandler lowered their target price on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Wells Fargo & Company increased their price objective 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. Finally, Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.60.

First BanCorp. Stock Performance

Shares of FBP stock traded up $0.25 during trading hours on Friday, reaching $18.61. The stock had a trading volume of 761,002 shares, compared to its average volume of 678,901. The firm has a market capitalization of $3.05 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 1.82 and a beta of 1.14. The firm has a 50-day simple moving average of $20.02 and a 200-day simple moving average of $20.08. First BanCorp. has a twelve month low of $15.15 and a twelve month 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.

First BanCorp. (NYSE:FBP - Get Free Report) last announced 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. The company had revenue of $234.57 million for the quarter, compared to analyst estimates 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 last year, the business earned $0.46 earnings per share. As a group, equities analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Friday, November 29th. First BanCorp.'s payout ratio is currently 35.36%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by insiders.

About First BanCorp.

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.