Geode Capital Management LLC increased its holdings in First BanCorp. (NYSE:FBP - Free Report) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,386,606 shares of the bank's stock after acquiring an additional 112,432 shares during the period. Geode Capital Management LLC owned about 2.68% of First BanCorp. worth $92,879,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in FBP. Mercer Global Advisors Inc. ADV raised its stake in shares of First BanCorp. by 8.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank's stock worth $217,000 after purchasing an additional 971 shares during the last quarter. Gladius Capital Management LP purchased a new stake in First BanCorp. in the 3rd quarter valued at $25,000. Pathstone Holdings LLC raised its position in First BanCorp. by 0.9% in the 3rd 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 last quarter. Blue Trust Inc. lifted its stake in First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock valued at $36,000 after acquiring an additional 1,668 shares in the last quarter. Finally, CWM LLC boosted its holdings in First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank's stock worth $60,000 after acquiring an additional 1,952 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.
In related news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now owns 236,490 shares of the company's stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.
Several brokerages have recently commented on FBP. Wells Fargo & Company increased their target price on shares of First BanCorp. from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Hovde Group decreased 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. Piper Sandler cut their price objective on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods raised their target price on First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.60.
Check Out Our Latest Report on First BanCorp.
Shares of NYSE FBP opened at $18.31 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $20.43 and a two-hundred day simple moving average of $19.96. First BanCorp. has a 1-year low of $15.15 and a 1-year high of $22.40. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12.
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 for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. During the same quarter in the prior year, the company earned $0.46 EPS. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. Analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.16 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.50%. First BanCorp.'s payout ratio is 35.36%.
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.
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