Principal Financial Group Inc. Has $21.81 Million Stake in First BanCorp. $FBP

Principal Financial Group Inc. boosted its position in shares of First BanCorp. (NYSE:FBP) by 5.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,021,220 shares of the bank’s stock after buying an additional 52,568 shares during the quarter. Principal Financial Group Inc.’s holdings in First BanCorp. were worth $21,813,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock valued at $445,017,000 after acquiring an additional 413,557 shares during the period. First Trust Advisors LP raised its holdings 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 during the period. Price T Rowe Associates Inc. MD lifted its stake in 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 during the last quarter. Verition Fund Management LLC lifted its stake in First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after purchasing an additional 548,164 shares during the last quarter. Finally, Norges Bank bought a new position in First BanCorp. during the fourth 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 FBP stock opened at $27.59 on Wednesday. First BanCorp. has a 52 week low of $19.16 and a 52 week high of $27.89. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.73 and a beta of 0.82. The company has a 50-day simple moving average of $25.33 and a 200 day simple moving average of $23.20. 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. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.05. The firm had revenue of $258.64 million for the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. During the same period in the prior year, the firm earned $0.47 EPS. On average, sell-side analysts predict that First BanCorp. will post 2.26 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on FBP shares. Truist Financial boosted their price target on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Piper Sandler raised their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, April 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 1st. Benchmark started coverage on First BanCorp. in a report on Wednesday, July 15th. They set a “buy” rating and a $31.00 target price on the stock. Finally, Raymond James Financial increased their price target on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $27.88.

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.