Pathstone Holdings LLC Has $3.39 Million Stock Position in First BanCorp. (NYSE:FBP)

Pathstone Holdings LLC lifted its holdings in shares of First BanCorp. (NYSE:FBP) by 0.9% during the third quarter, Holdings Channel.com reports. The firm owned 160,254 shares of the bank’s stock after acquiring an additional 1,435 shares during the quarter. Pathstone Holdings LLC’s holdings in First BanCorp. were worth $3,393,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in First BanCorp. by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after buying an additional 448,845 shares during the period. CANADA LIFE ASSURANCE Co increased its position in First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock valued at $3,101,000 after purchasing an additional 815 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in First BanCorp. by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 478,005 shares of the bank’s stock worth $8,385,000 after purchasing an additional 10,599 shares during the last quarter. EMC Capital Management lifted its position in shares of First BanCorp. by 129.4% in the 1st quarter. EMC Capital Management now owns 22,904 shares of the bank’s stock worth $402,000 after purchasing an additional 12,920 shares during the period. Finally, Boston Partners boosted its stake in shares of First BanCorp. by 67.9% in the 1st quarter. Boston Partners now owns 87,587 shares of the bank’s stock valued at $1,536,000 after purchasing an additional 35,424 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.3 %

NYSE:FBP opened at $21.30 on Monday. First BanCorp. has a 12 month low of $14.72 and a 12 month high of $22.40. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.90 and a beta of 1.11. The firm has a fifty day simple moving average of $20.51 and a two-hundred day simple moving average of $19.67.

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

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s dividend payout ratio is currently 35.36%.

Insider Activity at First BanCorp.

In other news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FBP. Piper Sandler lowered their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Hovde Group lowered their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wells Fargo & Company cut their target price on 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 given a buy rating to the company. According to MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

About First BanCorp.

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.