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

Quantbot Technologies LP raised its position in shares of First BanCorp. (NYSE:FBP) by 198.6% in the third quarter, HoldingsChannel reports. The fund 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 & Exchange Commission.

A number of other large investors also recently made changes to their positions in FBP. EverSource Wealth Advisors LLC boosted its stake in First BanCorp. by 151.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after purchasing an additional 1,129 shares during the period. Hantz Financial Services Inc. boosted its position in shares of First BanCorp. by 1,695.8% in the third quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after acquiring an additional 2,035 shares during the period. Jones Financial Companies Lllp grew its stake in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares in the last quarter. Covestor Ltd increased its position in First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock worth $67,000 after acquiring an additional 1,104 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in First BanCorp. by 14.5% during the third quarter. Smartleaf Asset Management LLC now owns 4,785 shares of the bank’s stock worth $106,000 after acquiring an additional 605 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In related news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 637,019 shares of the company’s stock, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the transaction, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

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

First BanCorp. Stock Down 1.4%

Shares of NYSE FBP opened at $20.66 on Friday. The company has a 50 day simple moving average of $21.76 and a 200 day simple moving average of $21.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $23.43. The firm has a market cap of $3.23 billion, a PE ratio of 9.61, a price-to-earnings-growth ratio of 1.30 and a beta of 0.87.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The firm had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the previous year, the firm posted $0.46 EPS. On average, research analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be issued a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 3.9%. First BanCorp.’s dividend payout ratio (DPR) is currently 37.21%.

About First BanCorp.

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.