Assenagon Asset Management S.A. Invests $4.79 Million in First BanCorp. (NYSE:FBP)

Assenagon Asset Management S.A. bought a new position in shares of First BanCorp. (NYSE:FBP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 257,752 shares of the bank’s stock, valued at approximately $4,792,000. Assenagon Asset Management S.A. owned about 0.16% of First BanCorp. as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Range Financial Group LLC bought a new stake in shares of First BanCorp. during the fourth quarter worth $1,614,000. Diversified Trust Co raised its position in shares of First BanCorp. by 12.1% during the fourth quarter. Diversified Trust Co now owns 32,474 shares of the bank’s stock worth $604,000 after acquiring an additional 3,507 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. during the third quarter worth $66,000. Geode Capital Management LLC increased its holdings in First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after purchasing an additional 112,432 shares during the last quarter. Finally, Barclays PLC increased its holdings in First BanCorp. by 106.1% in the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock valued at $7,779,000 after purchasing an additional 189,148 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Up 0.9 %

Shares of First BanCorp. stock opened at $19.59 on Tuesday. First BanCorp. has a 1 year low of $15.35 and a 1 year high of $22.40. The business has a 50-day moving average of $19.75 and a two-hundred day moving average of $20.17. The company has a market capitalization of $3.21 billion, a P/E ratio of 10.82, a price-to-earnings-growth ratio of 1.59 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The company had revenue of $234.57 million during the quarter, compared to the consensus estimate of $238.51 million. During the same period in the prior year, the company earned $0.46 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, equities analysts predict that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were given a dividend of $0.16 per share. The ex-dividend date was Friday, November 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.27%. First BanCorp.’s dividend payout ratio is currently 35.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wells Fargo & Company dropped their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Piper Sandler dropped their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Hovde Group dropped their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.20.

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.50% of the stock is owned by insiders.

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.