Smartleaf Asset Management LLC Boosts Stake in First BanCorp. (NYSE:FBP)

Smartleaf Asset Management LLC lifted its holdings in shares of First BanCorp. (NYSE:FBP) by 394.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,800 shares of the bank’s stock after acquiring an additional 3,032 shares during the quarter. Smartleaf Asset Management LLC’s holdings in First BanCorp. were worth $70,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of FBP. Principal Financial Group Inc. grew its stake in First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Martingale Asset Management L P boosted its stake in shares of First BanCorp. by 63.3% during the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank’s stock valued at $1,891,000 after buying an additional 34,616 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of First BanCorp. during the fourth quarter worth approximately $4,792,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of First BanCorp. in the fourth quarter worth $420,000. Finally, Barclays PLC raised 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 acquiring an additional 189,148 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP opened at $18.54 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a 12-month low of $16.24 and a 12-month high of $22.40. The business’s fifty day moving average price is $19.67 and its 200 day moving average price is $20.14. The stock has a market capitalization of $3.04 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the company posted $0.46 EPS. Equities research analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.88%. First BanCorp.’s dividend payout ratio is 39.78%.

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.