Los Angeles Capital Management LLC Acquires 4,118 Shares of First BanCorp. (NYSE:FBP)

Los Angeles Capital Management LLC grew its position in shares of First BanCorp. (NYSE:FBP) by 8.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,226 shares of the bank’s stock after acquiring an additional 4,118 shares during the quarter. Los Angeles Capital Management LLC’s holdings in First BanCorp. were worth $934,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Wealth Management Group LLC purchased a new position in shares of First BanCorp. during the fourth quarter valued at approximately $26,000. Neo Ivy Capital Management purchased a new position in First BanCorp. in the fourth quarter worth $36,000. Strs Ohio boosted its position in First BanCorp. by 206.3% in the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after purchasing an additional 3,300 shares during the last quarter. Headlands Technologies LLC purchased a new position in First BanCorp. in the fourth quarter worth $113,000. Finally, AXQ Capital LP purchased a new position in First BanCorp. in the third quarter worth $186,000. Institutional investors own 97.91% of the company’s stock.

Insider Activity at First BanCorp.

In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares in the company, valued at approximately $4,596,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

First BanCorp. Stock Performance

Shares of FBP opened at $18.03 on Tuesday. The firm has a market cap of $3.00 billion, a PE ratio of 10.30, a PEG ratio of 1.45 and a beta of 1.13. The stock’s fifty day moving average price is $17.57 and its two-hundred day moving average price is $16.97. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 1 year low of $11.80 and a 1 year high of $18.62.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The company had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. During the same period in the previous year, the company posted $0.39 EPS. On average, equities research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, May 30th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.55%. First BanCorp.’s payout ratio is 36.57%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Wells Fargo & Company boosted their target price on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th.

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.