Vanguard Group Inc. Sells 460,471 Shares of First BanCorp. (NYSE:FBP)

Vanguard Group Inc. decreased its holdings in First BanCorp. (NYSE:FBP) by 2.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,965,856 shares of the bank’s stock after selling 460,471 shares during the quarter. Vanguard Group Inc. owned 13.13% of First BanCorp. worth $361,338,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FBP. SummerHaven Investment Management LLC grew its stake in shares of First BanCorp. by 1.2% during the 4th quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after acquiring an additional 661 shares during the period. Mackenzie Financial Corp increased its stake in shares of First BanCorp. by 8.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after purchasing an additional 942 shares in the last quarter. Prospector Partners LLC increased its stake in shares of First BanCorp. by 0.3% in the fourth quarter. Prospector Partners LLC now owns 477,975 shares of the bank’s stock worth $7,863,000 after purchasing an additional 1,490 shares in the last quarter. Bridgefront Capital LLC raised its position in shares of First BanCorp. by 8.3% during the 4th quarter. Bridgefront Capital LLC now owns 19,930 shares of the bank’s stock valued at $328,000 after purchasing an additional 1,532 shares during the period. Finally, Private Wealth Management Group LLC purchased a new position in shares of First BanCorp. during the 4th quarter valued at $26,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First BanCorp.

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value 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 legal filing with the SEC, which is accessible through this link. In related news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the sale, the executive vice president now directly owns 255,236 shares in the company, valued at $4,596,800.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. 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 transaction, the chief financial officer now directly 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 owned by insiders.

First BanCorp. Stock Up 2.0 %

FBP opened at $18.29 on Friday. The company has a market capitalization of $3.04 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.46 and a beta of 1.13. The firm has a 50-day simple moving average of $17.69 and a two-hundred day simple moving average of $17.01. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 52 week low of $12.05 and a 52 week high of $18.62.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 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 during the quarter, compared to analyst estimates of $229.19 million. During the same period in the prior year, the company earned $0.39 earnings per share. Analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, May 30th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, May 30th. First BanCorp.’s dividend payout ratio is presently 36.57%.

Analysts Set New Price Targets

FBP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Wells Fargo & Company lifted 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.

First BanCorp. Profile

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.