Principal Financial Group Inc. Has $21.81 Million Holdings in First BanCorp. $FBP

Key Points

• Principal Financial Group increased its stake in First BanCorp. by 5.4% in the first quarter, ending with 1,021,220 shares worth about $21.8 million.
• Other institutional investors also raised or initiated positions, and overall 97.91% of First BanCorp. is owned by institutions and hedge funds.
• Analysts remain constructive on the stock, with an average rating of “Buy” and a consensus price target of $27.88; First BanCorp. recently beat quarterly EPS estimates with $0.57 per share.

Principal Financial Group Inc. lifted its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,021,220 shares of the bank's stock after acquiring an additional 52,568 shares during the period. Principal Financial Group Inc. owned approximately 0.66% of First BanCorp. worth $21,813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Fifth Third Bancorp boosted its stake in First BanCorp. by 64.9% in the 1st quarter. Fifth Third Bancorp now owns 1,423 shares of the bank's stock worth $30,000 after purchasing an additional 560 shares during the period. EverSource Wealth Advisors LLC increased its holdings in First BanCorp. by 151.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank's stock worth $39,000 after purchasing an additional 1,129 shares in the last quarter. First Horizon Corp acquired a new stake in shares of First BanCorp. in the 4th quarter valued at about $40,000. Jones Financial Companies Lllp lifted its holdings in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of First BanCorp. in the fourth quarter valued at about $64,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Raymond James Financial upped their price objective on First BanCorp. from $27.00 to $32.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, July 1st. Benchmark assumed coverage on First BanCorp. in a research note on Wednesday, July 15th. They issued a "buy" rating and a $31.00 target price on the stock. Wells Fargo & Company upped their price target on First BanCorp. from $26.00 to $28.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Truist Financial raised their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $27.88.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $27.59 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. The business has a 50-day moving average of $25.33 and a 200-day moving average of $23.20. The stock has a market capitalization of $4.27 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.73 and a beta of 0.82. First BanCorp. has a fifty-two week low of $19.16 and a fifty-two week high of $27.89.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.05. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.The business had revenue of $258.64 million for the quarter, compared to analyst estimates of $263.54 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 2.26 earnings per share for the current fiscal year.

First BanCorp. Company Profile

First BanCorp NYSE: FBP is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.

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