Advantage Alpha Capital Partners LP Purchases 2,630 Shares of First BanCorp. (NYSE:FBP)

Advantage Alpha Capital Partners LP boosted its position in First BanCorp. (NYSE:FBP) by 11.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,653 shares of the bank’s stock after acquiring an additional 2,630 shares during the period. Advantage Alpha Capital Partners LP’s holdings in First BanCorp. were worth $522,000 at the end of the most recent reporting period.

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

Insider Activity

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $41,815.44. Following the completion of the transaction, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FBP shares. Hovde Group cut their price target 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. Wells Fargo & Company cut their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Finally, Piper Sandler reduced their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Price Performance

FBP opened at $21.26 on Wednesday. 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 company has a market cap of $3.48 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.95 and a beta of 1.11. The stock has a fifty day simple moving average of $20.55 and a two-hundred day simple moving average of $19.72. First BanCorp. has a 12-month low of $14.72 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP) last released 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 net margin of 24.94% and a return on equity of 19.91%. The firm had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same period in the prior year, the firm earned $0.46 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. Research analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced 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 dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th. First BanCorp.’s dividend payout ratio is 35.36%.

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.