Allianz Asset Management GmbH Has $18.12 Million Holdings in First BanCorp. $FBP

Allianz Asset Management GmbH raised its stake in shares of First BanCorp. (NYSE:FBP) by 176.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 821,918 shares of the bank’s stock after purchasing an additional 524,256 shares during the period. Allianz Asset Management GmbH owned approximately 0.51% of First BanCorp. worth $18,123,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its position in shares of First BanCorp. by 151.7% during 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 last quarter. Jones Financial Companies Lllp lifted its stake in First BanCorp. by 328.8% during the 1st 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 boosted its holdings in First BanCorp. by 56.7% during the 3rd 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 last quarter. CWM LLC grew its stake in shares of First BanCorp. by 93.4% in the 2nd quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after acquiring an additional 2,567 shares in the last quarter. Finally, Savant Capital LLC bought a new stake in shares of First BanCorp. in the 2nd quarter worth $204,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.6%

Shares of FBP opened at $23.25 on Friday. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $23.43. The business has a 50-day moving average of $21.30 and a 200 day moving average of $21.14. The firm has a market cap of $3.67 billion, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 1.42 and a beta of 0.88. 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 issued 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. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The firm had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. During the same quarter last year, the business earned $0.46 earnings per share. As a group, research analysts forecast 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. Shareholders of record on Thursday, February 26th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, February 26th. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is presently 33.49%.

Insider Activity at First BanCorp.

In other news, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the transaction, the executive vice president directly owned 62,937 shares in the company, valued at approximately $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Hovde Group increased their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Piper Sandler reiterated a “neutral” rating and set a $24.00 price target (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Finally, Wells Fargo & Company reduced their price objective on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.58.

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.