Healthcare of Ontario Pension Plan Trust Fund Takes $1.47 Million Position in First BanCorp. (NYSE:FBP)

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in First BanCorp. (NYSE:FBP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 69,500 shares of the bank’s stock, valued at approximately $1,471,000.

Several other large investors also recently added to or reduced their stakes in FBP. Gladius Capital Management LP bought a new position in shares of First BanCorp. during the 3rd quarter valued at approximately $25,000. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the period. CWM LLC increased its position in First BanCorp. by 222.6% during the third 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. USA Financial Formulas raised its stake in shares of 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 acquiring an additional 2,234 shares during the period. Finally, Perkins Coie Trust Co bought a new stake in shares of First BanCorp. in the 2nd quarter worth about $146,000. 97.91% of the stock is owned by institutional investors.

Insider Activity

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 directly owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 completion of the transaction, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This trade represents a 9.56 % 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

A number of research firms recently weighed in on FBP. Wells Fargo & Company reduced their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Hovde Group cut their price objective 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. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

First BanCorp. Stock Down 2.0 %

Shares of NYSE FBP opened at $20.68 on Monday. First BanCorp. has a 52-week low of $14.86 and a 52-week high of $22.40. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.87 and a beta of 1.11. The stock has a 50 day moving average price of $20.56 and a 200 day moving average price of $19.78. 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) last issued its 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. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 EPS. Sell-side analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently announced 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. This represents a $0.64 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Friday, November 29th. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

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.