First BanCorp. $FBP Holdings Raised by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in First BanCorp. (NYSE:FBP) by 41.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 123,600 shares of the bank’s stock after purchasing an additional 36,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.08% of First BanCorp. worth $2,725,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC purchased a new stake in First BanCorp. during the second quarter valued at about $29,000. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,129 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after purchasing an additional 2,262 shares during the period. Quarry LP boosted its stake in First BanCorp. by 191.2% in the 1st quarter. Quarry LP now owns 3,585 shares of the bank’s stock worth $69,000 after purchasing an additional 2,354 shares during the period. Finally, CWM LLC grew its position in First BanCorp. by 93.4% during the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after purchasing an additional 2,567 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on FBP shares. UBS Group set a $25.00 target price on First BanCorp. in a report on Thursday, October 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 price objective (down from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Wells Fargo & Company decreased their price objective on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Truist Financial dropped their target price on First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $20.72 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a one year low of $16.40 and a one year high of $22.60. The business’s 50-day moving average price is $20.38 and its two-hundred day moving average price is $21.04. The company has a market capitalization of $3.27 billion, a P/E ratio of 10.06, a price-to-earnings-growth ratio of 1.24 and a beta of 0.91.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The business had revenue of $248.71 million during the quarter, compared to analyst estimates of $256.25 million. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.During the same period in the previous year, the company earned $0.45 EPS. Analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were paid a $0.18 dividend. The ex-dividend date was Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a yield of 3.5%. First BanCorp.’s payout ratio is 34.95%.

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.