JPMorgan Chase & Co. Has $48.58 Million Stock Holdings in First BanCorp. (NYSE:FBP)

JPMorgan Chase & Co. trimmed its position in First BanCorp. (NYSE:FBP) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,294,509 shares of the bank’s stock after selling 53,183 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.40% of First BanCorp. worth $48,575,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in shares of First BanCorp. during the 3rd quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the last quarter. CWM LLC grew its holdings in First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. during the 3rd quarter valued at $66,000. Finally, USA Financial Formulas lifted its stake in shares of First BanCorp. by 166.7% in the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after purchasing an additional 2,234 shares during the period. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

FBP has been the subject of a number of analyst reports. Hovde Group decreased their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wells Fargo & Company upped their price target on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Piper Sandler reduced their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and an average target price of $22.60.

First BanCorp. Stock Performance

Shares of FBP stock opened at $18.61 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. First BanCorp. has a 52 week low of $15.15 and a 52 week high of $22.40. The company’s 50 day moving average price is $20.02 and its two-hundred day moving average price is $20.07. The company has a market capitalization of $3.05 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.82 and a beta of 1.14.

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

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.44%. First BanCorp.’s payout ratio is presently 35.36%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.50% of the company’s stock.

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.