Measured Wealth Private Client Group LLC Decreases Stock Holdings in First BanCorp. (NYSE:FBP)

Measured Wealth Private Client Group LLC decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,895 shares of the bank’s stock after selling 955 shares during the period. Measured Wealth Private Client Group LLC’s holdings in First BanCorp. were worth $718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares in the last quarter. CWM LLC lifted its position in shares of First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after buying an additional 1,952 shares in the last quarter. USA Financial Formulas raised its stake in First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after purchasing an additional 2,234 shares during the last quarter. SageView Advisory Group LLC acquired a new position in First BanCorp. in the 1st quarter valued at $110,000. Finally, Perkins Coie Trust Co acquired a new position in First BanCorp. in the 2nd quarter valued at $146,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Up 0.4 %

Shares of FBP opened at $19.43 on Thursday. First BanCorp. has a 52-week low of $13.18 and a 52-week high of $22.12. The company has a market capitalization of $3.23 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 1.74 and a beta of 1.10. The stock has a fifty day simple moving average of $20.53 and a two-hundred day simple moving average of $19.26. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. As a group, equities analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.29%. First BanCorp.’s payout ratio is 36.57%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FBP. Hovde Group reduced their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company reduced their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Raymond James began coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Finally, Piper Sandler reduced their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $21.40.

Insider Buying and Selling

In related news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. This trade 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 this hyperlink. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Company 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.