Martingale Asset Management Increases Stake in First BanCorp.

Martingale Asset Management L P has significantly boosted its investment in First BanCorp. (NYSE:FBP) by 63.3% during the third quarter, as indicated by its latest 13F filing with the SEC. Following this increase, the firm now holds 89,341 shares of the bank's stock, after acquiring an additional 34,616 shares within that timeframe. Based on the recent filing, Martingale Asset Management's stake in First BanCorp. is valued at approximately $1,891,000, constituting about 0.05% of the company's total shares.

In addition to Martingale, several other institutional investors have also adjusted their holdings in First BanCorp. LSV Asset Management raised its stake by 22.9% during the second quarter, now owning 1,619,842 shares valued at $29,627,000 after purchasing an extra 301,443 shares. Furthermore, Algert Global LLC increased its position by 2.9% in the third quarter, owning 676,749 shares worth $14,327,000 after acquiring another 19,290 shares. Panagora Asset Management Inc. also lifted its stake by 55.8% in the second quarter, now holding 656,855 shares valued at $12,014,000 after a purchase of 235,156 shares. Similarly, Prospector Partners LLC expanded its holdings by 0.7% during the same period, owning 489,495 shares valued at $8,953,000 after an additional 3,170 shares were acquired. Lastly, Price T. Rowe Associates Inc. MD boosted its position by 2.3% in the first quarter, owning 478,005 shares worth $8,385,000 following the acquisition of 10,599 additional shares. Notably, institutional investors and hedge funds own approximately 97.91% of First BanCorp.

Recent Analyst Rating Changes

Several research analysts have provided updates on First BanCorp.'s stock. On October 24th, Wells Fargo & Company lowered their price target from $22.00 to $20.00, designating an “equal weight” rating for the stock. Meanwhile, Piper Sandler decreased their price objective from $22.00 to $21.00 and assigned a “neutral” rating on the same day. Hovde Group also revised their target price from $25.00 to $24.00, maintaining an “outperform” rating on First BanCorp. Currently, two analysts have suggested holding the stock, while three others have recommended buying it. According to MarketBeat.com, the stock holds a consensus rating of “Moderate Buy” and has an average target price of $21.40.

First BanCorp. Stock Performance

As of the last trading session, shares of First BanCorp. (NYSE:FBP) opened at $20.68. Over the past 12 months, the stock has seen a low of $14.86 and a high of $22.40. The firm has a market capitalization of $3.39 billion, with a price-to-earnings (PE) ratio of 11.43 and a price-to-earnings growth (P/E/G) ratio of 1.91. Additionally, the bank has a beta of 1.11, indicating its volatility in relation to the overall market. The company's simple moving averages over 50 days and 200 days stand at $20.56 and $19.77, respectively. First BanCorp.'s debt-to-equity ratio is 0.36, with both current and quick ratios also at 0.78.

In its quarterly earnings report released on October 23rd, First BanCorp. reported an earnings per share (EPS) of $0.45, surpassing analysts' expectations of $0.41 by $0.04. The bank's return on equity was noted at 19.91%, and it achieved a net margin of 24.94%. The reported revenue for the quarter amounted to $234.57 million, slightly below the consensus estimate of $238.51 million, marking a 2.0% increase compared to the same period last year; last year, First BanCorp. recorded an EPS of $0.46. Analysts predict that First BanCorp. will announce an EPS of 1.76 for the current fiscal year.

Dividend Announcement

Recently, First BanCorp. declared a quarterly dividend, scheduled to be disbursed on December 13th. Shareholders of record by November 29th will receive a dividend payout of $0.16 per share. The ex-dividend date is also set for November 29th. This dividend represents an annualized payout of $0.64, providing a yield of 3.09%. The company’s dividend payout ratio (DPR) stands at 35.36%.

Insider Trading Activities

In other developments, Michael McDonald, an Executive Vice President, sold 1,944 shares of First BanCorp. on September 3rd at an average price of $21.51, totaling around $41,815. Following this transaction, McDonald retains 87,476 shares, which are valued at approximately $1,881,608.76. This transaction marked a 2.17% reduction in his ownership of the stock. The sale was disclosed in a filing with the SEC. Another executive vice president, Nayda Rivera, sold 25,000 shares on November 8th, achieving total sales of $529,750 at an average price of $21.19. Following this sale, Rivera owns 236,490 shares valued at about $5,011,223.10, which signifies a 9.56% decrease in her stock position. Corporate insiders hold roughly 2.50% of First BanCorp.'s stock.

Company Information on First BanCorp.

First BanCorp. serves as a bank holding company for FirstBank Puerto Rico and offers a broad array of financial products and services to both consumers and commercial clients. Its operations span six segments, which include Commercial and Corporate Banking, Mortgage Banking, Retail Banking, Treasury and Investments, U.S. Operations, and Virgin Islands Operations.

Investment, Shares, Stock, Bank, Finance