Rock Point Advisors LLC Reduces Position in First BanCorp. (NYSE:FBP)

Rock Point Advisors LLC decreased its position in shares of First BanCorp. (NYSE:FBP) by 28.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 316,711 shares of the bank’s stock after selling 126,295 shares during the period. First BanCorp. accounts for approximately 1.8% of Rock Point Advisors LLC’s portfolio, making the stock its 20th biggest holding. Rock Point Advisors LLC owned about 0.19% of First BanCorp. worth $6,705,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Advantage Alpha Capital Partners LP raised its stake in shares of First BanCorp. by 11.9% during the 3rd quarter. Advantage Alpha Capital Partners LP now owns 24,653 shares of the bank’s stock worth $522,000 after buying an additional 2,630 shares in the last quarter. Algert Global LLC raised its holdings in First BanCorp. by 2.9% during the third quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after purchasing an additional 19,290 shares during the last quarter. Citigroup Inc. grew its holdings in First BanCorp. by 10.7% in the third quarter. Citigroup Inc. now owns 339,438 shares of the bank’s stock valued at $7,186,000 after purchasing an additional 32,825 shares during the last quarter. Intech Investment Management LLC increased its position in shares of First BanCorp. by 135.7% in the third quarter. Intech Investment Management LLC now owns 192,012 shares of the bank’s stock valued at $4,065,000 after buying an additional 110,531 shares in the last quarter. Finally, Pathstone Holdings LLC raised its stake in shares of First BanCorp. by 0.9% during the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after buying an additional 1,435 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

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

First BanCorp. Stock Performance

FBP traded down $0.07 during trading hours on Tuesday, hitting $21.53. The company’s stock had a trading volume of 52,639 shares, compared to its average volume of 1,038,090. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. First BanCorp. has a fifty-two week low of $14.72 and a fifty-two week high of $22.40. The company has a 50-day simple moving average of $20.53 and a 200 day simple moving average of $19.70. The firm has a market capitalization of $3.53 billion, a PE ratio of 11.93, a PEG ratio of 1.92 and a beta of 1.11.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. As a group, sell-side analysts expect that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.97%. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

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.