Advantage Alpha Capital Partners LP Acquires 2,630 Shares of First BanCorp. (NYSE:FBP)

Advantage Alpha Capital Partners LP boosted its holdings in shares of First BanCorp. (NYSE:FBP) by 11.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,653 shares of the bank’s stock after buying an additional 2,630 shares during the quarter. Advantage Alpha Capital Partners LP’s holdings in First BanCorp. were worth $522,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FBP. Gladius Capital Management LP purchased a new position in shares of First BanCorp. during the 3rd quarter worth $25,000. Blue Trust Inc. grew its holdings in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the period. CWM LLC increased its position in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after buying an additional 1,952 shares in the last quarter. USA Financial Formulas raised its stake in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after buying an additional 2,234 shares during the period. Finally, Perkins Coie Trust Co purchased a new position in shares of First BanCorp. during the 2nd quarter valued at about $146,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Stock Down 1.6 %

Shares of FBP opened at $21.26 on Wednesday. The business’s 50 day moving average is $20.55 and its 200 day moving average is $19.72. 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 12-month low of $14.72 and a 12-month high of $22.40. The company has a market capitalization of $3.48 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.95 and a beta of 1.11.

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

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Insider Buying and Selling at First BanCorp.

In other news, 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 transaction of $529,750.00. Following the completion of the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % 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 1,944 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of several analyst reports. Piper Sandler reduced their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Hovde Group reduced their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and an average target price of $21.40.

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.