AlphaMark Advisors LLC Sells 1,107 Shares of First BanCorp. (NYSE:FBP)

AlphaMark Advisors LLC lowered its position in First BanCorp. (NYSE:FBP) by 6.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,250 shares of the bank’s stock after selling 1,107 shares during the period. AlphaMark Advisors LLC’s holdings in First BanCorp. were worth $344,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. USA Financial Formulas increased its holdings 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 acquiring an additional 2,234 shares in the last quarter. CWM LLC increased its stake in First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares in the last quarter. Perkins Coie Trust Co raised its holdings in First BanCorp. by 25.0% during the 3rd quarter. Perkins Coie Trust Co now owns 10,000 shares of the bank’s stock worth $212,000 after buying an additional 2,000 shares during the period. Handelsbanken Fonder AB lifted its stake in First BanCorp. by 32.8% in the third quarter. Handelsbanken Fonder AB now owns 41,331 shares of the bank’s stock valued at $875,000 after buying an additional 10,200 shares in the last quarter. Finally, American Trust boosted its holdings in shares of First BanCorp. by 15.1% in the second quarter. American Trust now owns 15,586 shares of the bank’s stock valued at $285,000 after buying an additional 2,046 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the transaction, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Donald Kafka sold 50,000 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the sale, the chief operating officer now owns 174,589 shares in the company, valued at approximately $3,807,786.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 82,452 shares of company stock worth $1,790,066 over the last quarter. 2.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FBP. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Piper Sandler started coverage on First BanCorp. in a research note on Monday, August 26th. They issued a “neutral” rating and a $22.00 price target on the stock. Hovde Group upped their price objective on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Raymond James began coverage on First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus target price of $22.20.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $20.86 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The business has a 50-day moving average of $20.64 and a 200-day moving average of $19.10. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.72 and a beta of 1.10. First BanCorp. has a fifty-two week low of $12.72 and a fifty-two week high of $22.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. During the same period last year, the company earned $0.37 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

First BanCorp. Profile

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.