Maryland State Retirement & Pension System Sells 24,238 Shares of First BanCorp. $FBP

Maryland State Retirement & Pension System trimmed its position in shares of First BanCorp. (NYSE:FBP) by 51.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 22,917 shares of the bank’s stock after selling 24,238 shares during the period. Maryland State Retirement & Pension System’s holdings in First BanCorp. were worth $505,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada lifted its position in First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock valued at $824,000 after acquiring an additional 8,419 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First BanCorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after purchasing an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after buying an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC increased its position in First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after buying an additional 402,488 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 2.1%

NYSE FBP opened at $21.62 on Friday. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.80. The company has a market capitalization of $3.41 billion, a PE ratio of 10.50, a P/E/G ratio of 1.23 and a beta of 0.88. The company has a fifty day moving average of $20.79 and a 200 day moving average of $21.12.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.03. The company had revenue of $248.71 million for the quarter, compared to the consensus estimate of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period last year, the firm earned $0.45 EPS. Research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

Wall Street Analyst Weigh In

FBP has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price target on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. UBS Group set a $25.00 target price on shares of First BanCorp. in a research report on Thursday, October 9th. Truist Financial cut their price target on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 price objective (down from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.80.

About First BanCorp.

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.