First BanCorp. $FBP Shares Bought by Rock Point Advisors LLC

Rock Point Advisors LLC lifted its holdings in shares of First BanCorp. (NYSE:FBP) by 12.2% during the fourth quarter, Holdings Channel reports. The fund owned 360,611 shares of the bank’s stock after purchasing an additional 39,165 shares during the quarter. First BanCorp. accounts for 1.9% of Rock Point Advisors LLC’s investment portfolio, making the stock its 17th largest holding. Rock Point Advisors LLC’s holdings in First BanCorp. were worth $7,475,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Principal Financial Group Inc. grew its stake in First BanCorp. by 14.4% during the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock valued at $20,084,000 after purchasing an additional 114,931 shares in the last quarter. Citigroup Inc. raised its position in shares of First BanCorp. by 48.3% in the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after purchasing an additional 131,293 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of First BanCorp. by 11.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 697,827 shares of the bank’s stock valued at $15,387,000 after buying an additional 73,168 shares during the last quarter. Quent Capital LLC purchased a new position in shares of First BanCorp. during the 4th quarter valued at approximately $1,874,000. Finally, JPMorgan Chase & Co. grew its position in shares of First BanCorp. by 15.1% during the third quarter. JPMorgan Chase & Co. now owns 1,407,825 shares of the bank’s stock worth $31,043,000 after buying an additional 184,769 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of FBP opened at $23.37 on Wednesday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $24.57. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 1.42 and a beta of 0.84. The stock has a 50 day moving average of $22.17 and a 200-day moving average of $21.45.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same period in the prior year, the company posted $0.47 EPS. As a group, analysts forecast that First BanCorp. will post 2.25 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.4%. First BanCorp.’s payout ratio is presently 35.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FBP. Piper Sandler lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, April 23rd. Truist Financial increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Tuesday, April 21st. Finally, Wells Fargo & Company upped their target price on shares of First BanCorp. from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.86.

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.