NewEdge Advisors LLC Makes New $3.08 Million Investment in First BanCorp. $FBP

NewEdge Advisors LLC purchased a new position in shares of First BanCorp. (NYSE:FBP) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 144,107 shares of the bank’s stock, valued at approximately $3,078,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fifth Third Bancorp increased its stake in First BanCorp. by 64.9% during the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank’s stock worth $30,000 after purchasing an additional 560 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the period. First Horizon Corp bought a new stake in shares of First BanCorp. during the fourth quarter worth $40,000. Jones Financial Companies Lllp raised its holdings in shares of First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares during the period. Finally, State of Wyoming bought a new stake in First BanCorp. in the 4th quarter valued at $64,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Trading Up 0.9%

Shares of First BanCorp. stock opened at $29.46 on Friday. The stock has a market cap of $4.50 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.57 and a beta of 0.81. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. First BanCorp. has a 12-month low of $19.16 and a 12-month high of $29.58. The business’s 50 day moving average is $27.06 and its 200-day moving average is $24.13.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. First BanCorp. had a net margin of 29.24% and a return on equity of 18.03%. The firm had revenue of $264.86 million for the quarter, compared to analyst estimates of $265.31 million. Equities research analysts predict that First BanCorp. will post 2.4 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Thursday, August 27th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 27th. First BanCorp.’s payout ratio is 33.76%.

Analyst Upgrades and Downgrades

FBP has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded First BanCorp. from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, June 1st. Truist Financial upped their price objective on First BanCorp. from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Raymond James Financial lifted their target price on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler upped their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Four equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $29.38.

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.