Quantbot Technologies LP Has $977,000 Holdings in First BanCorp. $FBP

Quantbot Technologies LP raised its holdings in First BanCorp. (NYSE:FBP) by 198.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,295 shares of the bank’s stock after acquiring an additional 29,463 shares during the period. Quantbot Technologies LP’s holdings in First BanCorp. were worth $977,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of FBP. R Squared Ltd acquired a new stake in First BanCorp. during the 3rd quarter worth approximately $252,000. Fox Run Management L.L.C. increased its position in shares of First BanCorp. by 170.0% during the third quarter. Fox Run Management L.L.C. now owns 32,046 shares of the bank’s stock worth $707,000 after acquiring an additional 20,177 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of First BanCorp. during the third quarter worth $336,000. Citigroup Inc. lifted its position in First BanCorp. by 48.3% in the 3rd quarter. Citigroup Inc. now owns 402,890 shares of the bank’s stock valued at $8,884,000 after acquiring an additional 131,293 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in First BanCorp. by 21.1% in the 3rd quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 26,852 shares of the bank’s stock valued at $592,000 after acquiring an additional 4,673 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

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

First BanCorp. Stock Down 1.4%

Shares of FBP stock opened at $20.66 on Friday. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $23.43. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 1.30 and a beta of 0.87. The firm’s 50-day moving average is $21.76 and its 200-day moving average is $21.30. 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. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.During the same quarter last year, the company posted $0.46 earnings per share. Sell-side analysts predict 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 will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, February 26th. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s dividend payout ratio is presently 37.21%.

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.