Edgestream Partners L.P. Sells 109,958 Shares of First BanCorp. (NYSE:FBP)

Edgestream Partners L.P. lessened its holdings in First BanCorp. (NYSE:FBP) by 24.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 333,607 shares of the bank’s stock after selling 109,958 shares during the period. Edgestream Partners L.P. owned 0.20% of First BanCorp. worth $7,062,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. SummerHaven Investment Management LLC increased its holdings in shares of First BanCorp. by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock valued at $1,059,000 after purchasing an additional 856 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in First BanCorp. by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after buying an additional 971 shares during the last quarter. Gladius Capital Management LP bought a new position in First BanCorp. in the 3rd quarter valued at about $25,000. FCG Investment Co lifted its position in First BanCorp. by 4.8% during the second quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock worth $551,000 after acquiring an additional 1,375 shares during the last quarter. Finally, Pathstone Holdings LLC boosted its holdings in shares of First BanCorp. by 0.9% during the third quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after acquiring an additional 1,435 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FBP shares. Hovde Group lowered their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Wells Fargo & Company lowered their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Finally, Piper Sandler dropped their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.40.

First BanCorp. Stock Down 1.1 %

NYSE FBP opened at $20.71 on Friday. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.91 and a beta of 1.11. First BanCorp. has a 1-year low of $14.86 and a 1-year high of $22.40. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $20.56 and a 200-day moving average of $19.76.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 EPS. On average, equities research analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a yield of 3.09%. First BanCorp.’s dividend payout ratio is 35.36%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction on 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 in the company, valued at $1,881,608.76. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the transaction, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

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.