Allianz Asset Management GmbH Purchases 524,256 Shares of First BanCorp. $FBP

Allianz Asset Management GmbH raised its position in First BanCorp. (NYSE:FBP) by 176.1% in the 3rd quarter, Holdings Channel reports. The firm owned 821,918 shares of the bank’s stock after buying an additional 524,256 shares during the quarter. Allianz Asset Management GmbH’s holdings in First BanCorp. were worth $18,123,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. raised its position in shares of First BanCorp. by 8.9% in the second quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after buying an additional 616,170 shares in the last quarter. First Trust Advisors LP increased its stake in First BanCorp. by 4.7% in the 2nd quarter. First Trust Advisors LP now owns 4,058,943 shares of the bank’s stock worth $84,548,000 after acquiring an additional 180,848 shares during the last quarter. Norges Bank purchased a new stake in shares of First BanCorp. in the 2nd quarter valued at about $41,404,000. Schroder Investment Management Group boosted its position in shares of First BanCorp. by 23.4% during the 2nd quarter. Schroder Investment Management Group now owns 1,847,662 shares of the bank’s stock valued at $38,487,000 after acquiring an additional 350,527 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of First BanCorp. by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,845,708 shares of the bank’s stock valued at $38,446,000 after acquiring an additional 6,006 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FBP has been the topic of a number of recent analyst reports. Truist Financial raised their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Piper Sandler reissued a “neutral” rating and issued a $24.00 price target (up previously from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Finally, Hovde Group raised their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.58.

First BanCorp. Stock Up 1.6%

Shares of NYSE:FBP opened at $23.25 on Friday. The stock has a market capitalization of $3.67 billion, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 1.42 and a beta of 0.88. The stock’s 50-day moving average price is $21.30 and its 200-day moving average price is $21.14. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43.

First BanCorp. (NYSE:FBP) last issued its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same period in the prior year, the business posted $0.46 EPS. On average, equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Thursday, February 26th will be given a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.4%. First BanCorp.’s dividend payout ratio is presently 33.49%.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.