USA Financial Formulas Increases Stock Position in First BanCorp. (NYSE:FBP)

USA Financial Formulas lifted its stake in First BanCorp. (NYSE:FBP) by 166.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,574 shares of the bank’s stock after acquiring an additional 2,234 shares during the period. USA Financial Formulas’ holdings in First BanCorp. were worth $76,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FBP. Bridgefront Capital LLC boosted its stake in First BanCorp. by 8.3% in the 4th quarter. Bridgefront Capital LLC now owns 19,930 shares of the bank’s stock worth $328,000 after purchasing an additional 1,532 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of First BanCorp. during the 4th quarter worth about $36,000. Goldman Sachs Group Inc. boosted its holdings in First BanCorp. by 6.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock worth $30,610,000 after buying an additional 110,797 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of First BanCorp. by 2,172.9% in the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after acquiring an additional 993,819 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in First BanCorp. by 8.4% during the 1st quarter. Los Angeles Capital Management LLC now owns 53,226 shares of the bank’s stock worth $934,000 after purchasing an additional 4,118 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $20.35 on Friday. The stock’s 50-day moving average is $20.48 and its two-hundred day moving average is $18.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 1-year low of $12.72 and a 1-year high of $22.12. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter last year, the company posted $0.37 earnings per share. Analysts forecast that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.14%. First BanCorp.’s payout ratio is 36.57%.

Wall Street Analyst Weigh In

A number of analysts have commented on FBP shares. Hovde Group increased their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company upped their price target on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Raymond James began coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Finally, Piper Sandler started coverage on First BanCorp. in a research note on Monday, August 26th. They set a “neutral” rating and a $22.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

Insider Buying and Selling

In other news, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the sale, the chief operating officer now directly owns 174,589 shares in the company, valued at approximately $3,807,786.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the business’s 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 sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 82,452 shares of company stock valued at $1,790,066 over the last quarter. 2.50% of the stock is currently owned by insiders.

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.