Principal Financial Group Inc. Purchases 37,432 Shares of First BanCorp. (NYSE:FBP)

Principal Financial Group Inc. boosted its position in shares of First BanCorp. (NYSE:FBP) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 926,097 shares of the bank’s stock after purchasing an additional 37,432 shares during the period. Principal Financial Group Inc. owned about 0.57% of First BanCorp. worth $17,216,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gladius Capital Management LP bought a new position in shares of First BanCorp. during the third quarter valued at approximately $25,000. R Squared Ltd bought a new position in First BanCorp. in the 4th quarter valued at $28,000. Blue Trust Inc. increased its stake in First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. during the third quarter worth $66,000. Finally, KBC Group NV boosted its stake in shares of First BanCorp. by 61.7% during the fourth quarter. KBC Group NV now owns 8,464 shares of the bank’s stock valued at $157,000 after purchasing an additional 3,230 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by insiders.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $19.21 on Wednesday. First BanCorp. has a 52 week low of $16.24 and a 52 week high of $22.40. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.34 and a beta of 1.14. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average of $19.61 and a 200 day moving average of $20.21.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, sell-side analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a $0.18 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.75%. First BanCorp.’s dividend payout ratio (DPR) is 39.78%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Company 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.