Freedom Investment Management Inc. Sells 2,696 Shares of First BanCorp. (NYSE:FBP)

Freedom Investment Management Inc. trimmed its holdings in First BanCorp. (NYSE:FBP) by 8.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 28,520 shares of the bank’s stock after selling 2,696 shares during the quarter. Freedom Investment Management Inc.’s holdings in First BanCorp. were worth $604,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Gladius Capital Management LP purchased a new stake in First BanCorp. during the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its position in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC boosted its stake in shares of First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the period. USA Financial Formulas grew its holdings in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after purchasing an additional 2,234 shares during the last quarter. Finally, Perkins Coie Trust Co bought a new position in shares of First BanCorp. in the second quarter worth approximately $146,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wells Fargo & Company dropped their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Hovde Group dropped their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

Insider Buying and Selling at First BanCorp.

In other news, 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 transaction of $529,750.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the company’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 completion of the sale, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

First BanCorp. Trading Down 1.1 %

Shares of FBP opened at $20.71 on Friday. First BanCorp. has a 1-year low of $14.86 and a 1-year 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 firm’s 50-day moving average price is $20.56 and its 200-day moving average price is $19.76. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.91 and a beta of 1.11.

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

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.09%. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

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.