First BanCorp. $FBP Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC increased its position in First BanCorp. (NYSE:FBP) by 376.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 101,977 shares of the bank’s stock after buying an additional 80,582 shares during the quarter. Hsbc Holdings PLC owned about 0.07% of First BanCorp. worth $2,168,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in First BanCorp. by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after acquiring an additional 413,557 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of First BanCorp. by 3.0% in the 4th quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank’s stock valued at $89,850,000 after purchasing an additional 126,532 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of First BanCorp. by 4.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock valued at $75,856,000 after purchasing an additional 171,580 shares in the last quarter. Verition Fund Management LLC grew its holdings in shares of 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 during the period. Finally, Norges Bank purchased a new stake in shares of First BanCorp. during the 4th quarter worth about $42,138,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $28.78 on Monday. The business’s 50-day simple moving average is $25.66 and its 200 day simple moving average is $23.37. The company has a market cap of $4.45 billion, a P/E ratio of 12.14, a PEG ratio of 1.75 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. First BanCorp. has a one year low of $19.16 and a one year high of $29.00.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%.The firm had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. On average, sell-side analysts forecast that First BanCorp. will post 2.36 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s payout ratio is presently 33.76%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FBP shares. Zacks Research upgraded shares of First BanCorp. from a “hold” rating to a “strong-buy” rating in a report on Thursday. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Benchmark increased their price objective on shares of First BanCorp. from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler lifted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the company a “market perform” rating in a report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, First BanCorp. presently has an average rating of “Buy” and a consensus target price of $28.75.

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.