Principal Financial Group Inc. Acquires 114,931 Shares of First BanCorp. $FBP

Principal Financial Group Inc. raised its holdings in First BanCorp. (NYSE:FBP) by 14.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 910,845 shares of the bank’s stock after purchasing an additional 114,931 shares during the quarter. Principal Financial Group Inc.’s holdings in First BanCorp. were worth $20,084,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its position in shares of First BanCorp. by 151.7% during the 2nd 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. Jones Financial Companies Lllp grew its position in 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 last quarter. Covestor Ltd raised its stake in First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock worth $67,000 after acquiring an additional 1,104 shares in the last quarter. CWM LLC lifted its holdings in shares of First BanCorp. by 93.4% in the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after acquiring an additional 2,567 shares during the last quarter. Finally, Longboard Asset Management LP acquired a new stake in shares of First BanCorp. in the 3rd quarter valued at approximately $204,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

First BanCorp. Stock Performance

NYSE FBP opened at $23.25 on Monday. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.44 and a beta of 0.88. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $23.43. The stock has a fifty day simple moving average of $21.30 and a 200 day simple moving average of $21.14. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The firm had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same period in the previous year, the business earned $0.46 EPS. Sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be issued a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 3.4%. First BanCorp.’s dividend payout ratio (DPR) is currently 33.49%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Hovde Group upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Piper Sandler reiterated a “neutral” rating and issued a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Finally, Truist Financial upped their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.58.

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.