National Bank of Canada FI Decreases Holdings in First BanCorp. (NYSE:FBP)

National Bank of Canada FI decreased its holdings in First BanCorp. (NYSE:FBP) by 11.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,502 shares of the bank’s stock after selling 5,659 shares during the period. National Bank of Canada FI’s holdings in First BanCorp. were worth $942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FBP. Gladius Capital Management LP bought a new position in First BanCorp. during the 3rd quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in shares of First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC grew its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares during the last quarter. USA Financial Formulas increased 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 worth $76,000 after buying an additional 2,234 shares during the period. Finally, QRG Capital Management Inc. bought a new stake in First BanCorp. during the 3rd quarter valued at $205,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Down 0.6 %

FBP stock opened at $19.81 on Friday. First BanCorp. has a fifty-two week low of $15.15 and a fifty-two week high of $22.40. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 10.94, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12. The business’s 50 day moving average price is $20.52 and its two-hundred day moving average price is $19.94. 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 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. The company had revenue of $234.57 million for 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 firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors 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 3.23%. First BanCorp.’s payout ratio is 35.36%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the company’s 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 owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FBP shares. Hovde Group cut their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Wells Fargo & Company upped their price target on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.60.

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.