Bank of Montreal Can Sells 3,954 Shares of First BanCorp. (NYSE:FBP)

Bank of Montreal Can lowered its position in First BanCorp. (NYSE:FBP) by 15.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 21,793 shares of the bank’s stock after selling 3,954 shares during the period. Bank of Montreal Can’s holdings in First BanCorp. were worth $399,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Public Sector Pension Investment Board raised its holdings in First BanCorp. by 5.4% during the second quarter. Public Sector Pension Investment Board now owns 363,876 shares of the bank’s stock worth $6,655,000 after buying an additional 18,693 shares during the last quarter. Prospector Partners LLC grew its position in shares of First BanCorp. by 0.7% during the 2nd quarter. Prospector Partners LLC now owns 489,495 shares of the bank’s stock valued at $8,953,000 after purchasing an additional 3,170 shares in the last quarter. Intech Investment Management LLC bought a new stake in First BanCorp. during the second quarter valued at approximately $1,490,000. Inspire Investing LLC bought a new stake in First BanCorp. during the second quarter worth about $810,000. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of First BanCorp. by 8.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after purchasing an additional 971 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on FBP. Piper Sandler began coverage on First BanCorp. in a report on Monday, August 26th. They set a “neutral” rating and a $22.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Hovde Group increased their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

Insider Activity

In related news, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares of the company’s stock, valued at $3,807,786.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at approximately $5,002,280.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,452 shares of company stock worth $1,790,066 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

First BanCorp. Trading Up 0.4 %

Shares of NYSE FBP opened at $20.35 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 1-year low of $12.72 and a 1-year high of $22.12. The stock has a market capitalization of $3.39 billion, a P/E ratio of 11.63, a PEG ratio of 1.45 and a beta of 1.10. The business’s 50 day moving average is $20.48 and its two-hundred day moving average is $18.94.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter last year, the firm posted $0.37 earnings per share. As a group, research analysts expect that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s payout ratio is presently 36.57%.

First BanCorp. Company 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.