First BanCorp. $FBP Stock: Virtus Advisers LLC Increases Holdings

Virtus Advisers LLC lifted its stake in shares of First BanCorp. (NYSE:FBP) by 277.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,624 shares of the bank’s stock after acquiring an additional 62,217 shares during the quarter. First BanCorp. accounts for 0.8% of Virtus Advisers LLC’s portfolio, making the stock its 16th largest holding. Virtus Advisers LLC’s holdings in First BanCorp. were worth $2,229,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the stock. Addison Advisors LLC acquired a new stake in shares of First BanCorp. during the third quarter worth $58,000. Diversified Trust Co lifted its holdings in shares of First BanCorp. by 92.8% during the third quarter. Diversified Trust Co now owns 83,338 shares of the bank’s stock valued at $2,195,000 after purchasing an additional 40,120 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of First BanCorp. in the 3rd quarter valued at $26,000. Maryland State Retirement & Pension System boosted its position in shares of First BanCorp. by 50.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 33,663 shares of the bank’s stock valued at $887,000 after purchasing an additional 11,320 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of First BanCorp. by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 54,394 shares of the bank’s stock valued at $1,450,000 after purchasing an additional 2,168 shares during the period. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Up 0.3%

Shares of FBP traded up $0.09 during trading hours on Friday, reaching $26.18. The company’s stock had a trading volume of 789,182 shares, compared to its average volume of 1,651,506. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 11.04, a P/E/G ratio of 1.16 and a beta of 0.85. First BanCorp. has a 1-year low of $19.28 and a 1-year high of $29.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $26.96 and a two-hundred day moving average of $25.19.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $260.12 million during the quarter, compared to analyst estimates of $274.32 million. First BanCorp. had a net margin of 28.67% and a return on equity of 18.87%. As a group, research analysts predict that First BanCorp. will post 2.42 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 27th. This represents a $1.00 annualized dividend and a yield of 3.8%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.20. First BanCorp.’s dividend payout ratio (DPR) is currently 33.76%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $28.19, for a total value of $281,900.00. Following the completion of the sale, the executive vice president owned 230,398 shares in the company, valued at $6,494,919.62. This represents a 4.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roberto Herencia sold 26,350 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the sale, the director owned 610,669 shares of the company’s stock, valued at approximately $17,391,853.12. The trade was a 4.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 46,350 shares of company stock worth $1,328,248. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FBP shares. Piper Sandler reissued a “neutral” rating and issued a $28.00 price target (down from $30.00) on shares of First BanCorp. in a research note on Monday, November 9th. Zacks Research lowered shares of First BanCorp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 23rd. Weiss Ratings reiterated a “buy (a-)” rating on shares of First BanCorp. in a report on Thursday, August 27th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $32.00 to $30.00 and set an “overweight” rating on the stock in a research report on Monday, November 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

First BanCorp. Profile

First BanCorp. is a financial holding company and the parent of FirstBank Puerto Rico, which provides retail and commercial banking services. Its offerings include deposit accounts, consumer and business loans, mortgages, credit cards, and digital banking services. Founded in 1948, FirstBank serves customers in Puerto Rico and the U.S. Virgin Islands, with banking operations also in the British Virgin Islands. The company serves individuals, businesses, and public-sector clients through branch, online, and other banking channels.