Allspring Global Investments Holdings LLC Sells 47,957 Shares of First BanCorp. (NYSE:FBP)

Allspring Global Investments Holdings LLC decreased its holdings in First BanCorp. (NYSE:FBP - Free Report) by 62.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,478 shares of the bank's stock after selling 47,957 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in First BanCorp. were worth $603,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FBP. Blue Trust Inc. raised its holdings in First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock worth $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC raised its stake in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank's stock worth $60,000 after buying an additional 1,952 shares during the last quarter. USA Financial Formulas lifted its holdings in First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after buying an additional 2,234 shares during the period. SageView Advisory Group LLC bought a new stake in First BanCorp. during the first quarter valued at $110,000. Finally, Perkins Coie Trust Co acquired a new stake in First BanCorp. during the 2nd quarter worth about $146,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Up 0.1 %

First BanCorp. stock traded up $0.02 during mid-day trading on Friday, reaching $19.30. The stock had a trading volume of 785,587 shares, compared to its average volume of 1,035,853. The firm has a market capitalization of $3.16 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.66 and a beta of 1.10. First BanCorp. has a fifty-two week low of $13.66 and a fifty-two week high of $22.12. The stock's 50-day simple moving average is $20.46 and its 200-day simple moving average is $19.30. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78.

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 (EPS) 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 business had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. During the same quarter last year, the firm posted $0.46 EPS. First BanCorp.'s revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts forecast that First BanCorp. will post 1.75 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.16 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.32%. First BanCorp.'s payout ratio is 35.36%.

Insider Buying and Selling at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the company's 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 approximately $1,881,608.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBP. 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 research note on Thursday, October 24th. Hovde Group dropped their price target on First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. Wells Fargo & Company reduced their price objective 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, Raymond James began coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They set an "outperform" rating and a $21.00 target price on the stock. 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 a consensus rating of "Moderate Buy" and an average price target of $21.40.

First BanCorp. 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.