Natixis Advisors LLC Has $1.07 Million Holdings in First BanCorp. (NYSE:FBP)

Natixis Advisors LLC grew its stake in shares of First BanCorp. (NYSE:FBP) by 4.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 50,528 shares of the bank’s stock after purchasing an additional 2,068 shares during the period. Natixis Advisors LLC’s holdings in First BanCorp. were worth $1,070,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LSV Asset Management increased its stake in First BanCorp. by 22.9% in the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after buying an additional 301,443 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of First BanCorp. by 55.8% during the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock valued at $12,014,000 after acquiring an additional 235,156 shares during the last quarter. X Square Capital LLC lifted its holdings in First BanCorp. by 45.2% during the second quarter. X Square Capital LLC now owns 351,170 shares of the bank’s stock worth $6,423,000 after acquiring an additional 109,340 shares during the period. Intech Investment Management LLC purchased a new position in First BanCorp. in the second quarter worth $1,490,000. Finally, Texas Permanent School Fund Corp grew its stake in First BanCorp. by 41.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 209,088 shares of the bank’s stock valued at $3,824,000 after purchasing an additional 61,701 shares during the period. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at approximately $1,881,608.76. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

First BanCorp. Stock Performance

Shares of NYSE FBP opened at $21.26 on Wednesday. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 1.92 and a beta of 1.11. The stock’s 50-day moving average is $20.53 and its 200 day moving average is $19.70. 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 1-year low of $14.72 and a 1-year high of $22.40.

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

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.01%. First BanCorp.’s dividend payout ratio is presently 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.