Norges Bank Invests $42.14 Million in First BanCorp. $FBP

Norges Bank purchased a new position in shares of First BanCorp. (NYSE:FBP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,032,726 shares of the bank’s stock, valued at approximately $42,138,000. Norges Bank owned about 1.29% of First BanCorp. as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of First BanCorp. by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after buying an additional 413,557 shares during the last quarter. First Trust Advisors LP increased its position in First BanCorp. by 3.7% during the 3rd quarter. First Trust Advisors LP now owns 4,207,765 shares of the bank’s stock worth $92,781,000 after purchasing an additional 148,822 shares in the last quarter. Verition Fund Management LLC increased its position in First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Schroder Investment Management Group increased its position in First BanCorp. by 8.5% during the 3rd quarter. Schroder Investment Management Group now owns 2,005,383 shares of the bank’s stock worth $44,259,000 after purchasing an additional 157,721 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock worth $29,878,000 after purchasing an additional 649,987 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Up 0.8%

FBP opened at $24.51 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The business has a 50-day moving average of $23.36 and a two-hundred day moving average of $21.99. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $24.73.

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

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Thursday, May 28th will be issued a $0.20 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.80 annualized dividend and a yield of 3.3%. First BanCorp.’s payout ratio is 35.56%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company lifted their price objective on First BanCorp. from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Piper Sandler lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Finally, Truist Financial lifted their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price 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.