Schroder Investment Management Group Increases Stock Position in First BanCorp. $FBP

Key Points

• Schroder Investment Management Group boosted its stake in First BanCorp by 8.5% in Q3, owning 2,005,383 shares (about 1.25% of the company) valued at roughly $44.26 million after adding 157,721 shares.
• Analysts have nudged up targets and ratings recently, leaving a consensus of "Moderate Buy" with an average price target of $24.58 (four Buys, two Holds) and top targets raised to as high as $26.00.
• First BanCorp beat quarterly EPS estimates ($0.55 vs. $0.52), raised its quarterly dividend to $0.20 (annualized yield ~3.9%), while insiders have sold shares recently and institutional investors own about 97.91% of the stock.

Schroder Investment Management Group boosted its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 8.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,005,383 shares of the bank's stock after purchasing an additional 157,721 shares during the period. Schroder Investment Management Group owned approximately 1.25% of First BanCorp. worth $44,259,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in shares of First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank's stock valued at $824,000 after acquiring an additional 8,419 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in First BanCorp. by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock worth $1,847,000 after purchasing an additional 4,236 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of First BanCorp. by 328.8% in the 1st 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank's stock valued at $9,911,000 after buying an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock valued at $8,249,000 after buying an additional 402,488 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the stock a "market perform" rating in a research report on Wednesday, January 28th. Truist Financial increased their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, January 29th. Piper Sandler reissued a "neutral" rating and set a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Hovde Group boosted their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, First BanCorp. currently has a consensus rating of "Moderate Buy" and an average price target of $24.58.

Insider Activity at First BanCorp.

In other First BanCorp. news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the sale, the director owned 637,019 shares of the company's stock, valued at $14,415,739.97. The trade was a 0.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of the business's stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the transaction, the executive vice president owned 62,937 shares of the company's stock, valued at $1,391,537.07. This trade represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by company insiders.

First BanCorp. Price Performance

NYSE FBP opened at $20.28 on Thursday. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $23.43. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 1.27 and a beta of 0.87. The company has a 50-day moving average price of $21.73 and a two-hundred day moving average price of $21.27.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same quarter last year, the business earned $0.46 earnings per share. Analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be given a $0.20 dividend. The ex-dividend date is Thursday, February 26th. This represents a $0.80 annualized dividend and a yield of 3.9%. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. First BanCorp.'s payout ratio is 37.21%.

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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