First BanCorp. $FBP Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in shares of First BanCorp. (NYSE:FBP) by 15.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,407,825 shares of the bank’s stock after buying an additional 184,769 shares during the quarter. JPMorgan Chase & Co.’s holdings in First BanCorp. were worth $31,043,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FBP. EverSource Wealth Advisors LLC increased its stake in shares of First BanCorp. by 151.7% in 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. Hantz Financial Services Inc. boosted its stake in First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after acquiring an additional 2,035 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares in the last quarter. Covestor Ltd grew its holdings in First BanCorp. by 56.7% during the 3rd 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. Finally, Smartleaf Asset Management LLC increased its position in shares of First BanCorp. by 14.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank’s stock worth $106,000 after purchasing an additional 605 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In other news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares in the company, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.30% of the company’s stock.

First BanCorp. Stock Down 0.1%

Shares of NYSE:FBP opened at $20.56 on Monday. The company’s fifty day moving average is $21.65 and its two-hundred day moving average is $21.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $23.43. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 1.28 and a beta of 0.87.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The business had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. During the same period in the previous year, the business posted $0.46 EPS. Equities analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, February 26th were issued a $0.20 dividend. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, February 26th. First BanCorp.’s dividend payout ratio is 37.21%.

Analysts Set New Price Targets

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

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.