Citigroup Inc. Grows Stock Holdings in First BanCorp. (NYSE:FBP)

Citigroup Inc. lifted its holdings in First BanCorp. (NYSE:FBP) by 10.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 339,438 shares of the bank’s stock after acquiring an additional 32,825 shares during the period. Citigroup Inc. owned approximately 0.21% of First BanCorp. worth $7,186,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FBP. Intech Investment Management LLC boosted its position in shares of First BanCorp. by 135.7% in the third quarter. Intech Investment Management LLC now owns 192,012 shares of the bank’s stock worth $4,065,000 after buying an additional 110,531 shares during the period. Pathstone Holdings LLC lifted its position in First BanCorp. by 0.9% during the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after acquiring an additional 1,435 shares in the last quarter. Gladius Capital Management LP purchased a new position in First BanCorp. in the 3rd quarter worth approximately $25,000. Natixis Advisors LLC boosted its holdings in First BanCorp. by 4.3% in the 3rd quarter. Natixis Advisors LLC now owns 50,528 shares of the bank’s stock worth $1,070,000 after acquiring an additional 2,068 shares during the period. Finally, QRG Capital Management Inc. acquired a new stake in First BanCorp. in the third quarter valued at approximately $205,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of FBP opened at $20.68 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $3.39 billion, a P/E ratio of 11.43, a PEG ratio of 1.91 and a beta of 1.11. First BanCorp. has a 12 month low of $14.86 and a 12 month high of $22.40. The stock has a fifty day moving average price of $20.56 and a 200 day moving average price of $19.77.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The business had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, research analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company 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 dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s payout ratio is currently 35.36%.

Analysts Set New Price Targets

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

Insider Activity

In related news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction dated 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 approximately $1,881,608.76. This represents a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated 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. This trade represents a 9.56 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

First BanCorp. 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.