First BanCorp. (NYSE:FBP) Stock Holdings Reduced by X Square Capital LLC

X Square Capital LLC reduced its stake in First BanCorp. (NYSE:FBP) by 10.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,170 shares of the bank’s stock after selling 37,000 shares during the period. First BanCorp. accounts for about 2.9% of X Square Capital LLC’s holdings, making the stock its 3rd biggest position. X Square Capital LLC owned 0.19% of First BanCorp. worth $6,651,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. O Shaughnessy Asset Management LLC grew its position in shares of First BanCorp. by 69.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock worth $1,359,000 after acquiring an additional 31,692 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of First BanCorp. by 239.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock worth $1,686,000 after purchasing an additional 67,844 shares during the period. Wellington Management Group LLP lifted its holdings in shares of First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after purchasing an additional 993,819 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of First BanCorp. during the first quarter worth $16,719,000. Finally, LSV Asset Management lifted its holdings in shares of First BanCorp. by 18.7% during the first quarter. LSV Asset Management now owns 1,318,399 shares of the bank’s stock worth $23,125,000 after purchasing an additional 207,510 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FBP shares. Hovde Group raised their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler started coverage on First BanCorp. in a report on Monday, August 26th. They issued a “neutral” rating and a $22.00 target price for the company. Wells Fargo & Company raised their target price on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, Raymond James started coverage on First BanCorp. in a report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.20.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $21.65, for a total transaction of $164,799.80. Following the transaction, the executive vice president now directly owns 89,420 shares in the company, valued at $1,935,943. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $21.65, for a total transaction of $164,799.80. Following the transaction, the executive vice president now directly owns 89,420 shares in the company, valued at $1,935,943. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Carlos Power sold 22,896 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the transaction, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,452 shares of company stock worth $699,566 in the last three months. Company insiders own 2.50% of the company’s stock.

First BanCorp. Price Performance

First BanCorp. stock opened at $19.30 on Thursday. First BanCorp. has a 12-month low of $12.88 and a 12-month high of $22.12. The stock has a market capitalization of $3.21 billion, a P/E ratio of 11.03, a P/E/G ratio of 1.72 and a beta of 1.10. The firm’s 50-day moving average is $20.65 and its two-hundred day moving average is $19.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The company had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. During the same period last year, the company earned $0.37 EPS. Equities analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

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.