Financiere des Professionnels Fonds d investissement inc. Invests $776,000 in First BanCorp. $FBP

Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of First BanCorp. (NYSE:FBP) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 36,351 shares of the bank’s stock, valued at approximately $776,000.

Several other hedge funds have also recently added to or reduced their stakes in FBP. Fifth Third Bancorp grew its holdings in First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock valued at $30,000 after buying an additional 560 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock worth $39,000 after buying an additional 1,129 shares during the last quarter. First Horizon Corp acquired a new position in shares of First BanCorp. during the fourth quarter worth approximately $40,000. Jones Financial Companies Lllp boosted its position in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares during the period. Finally, State of Wyoming bought a new stake in shares of First BanCorp. in the fourth quarter valued at approximately $64,000. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FBP. Raymond James Financial raised their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 1st. Piper Sandler increased their price target 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. Weiss Ratings upgraded shares of First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 1st. Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Finally, Truist Financial boosted their price objective on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, First BanCorp. has a consensus rating of “Buy” and a consensus target price of $27.88.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $27.41 on Friday. First BanCorp. has a 1-year low of $19.16 and a 1-year high of $27.89. The firm has a market capitalization of $4.24 billion, a PE ratio of 12.18, a PEG ratio of 1.76 and a beta of 0.82. The business’s 50 day moving average is $25.17 and its 200-day moving average is $23.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The business had revenue of $258.64 million for the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the previous year, the business posted $0.47 earnings per share. Sell-side analysts predict that First BanCorp. will post 2.26 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.80 dividend on an annualized basis and a yield of 2.9%. First BanCorp.’s payout ratio is currently 35.56%.

First BanCorp. 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.