Vanguard Group Inc. Increases Position in First BanCorp. (NYSE:FBP)

Vanguard Group Inc. raised its position in shares of First BanCorp. (NYSE:FBP) by 0.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,462,121 shares of the bank’s stock after buying an additional 63,304 shares during the period. Vanguard Group Inc. owned about 13.10% of First BanCorp. worth $398,981,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of FBP. Principal Financial Group Inc. boosted its holdings 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 acquiring an additional 37,432 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of First BanCorp. in the fourth quarter valued at approximately $4,792,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $420,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in First BanCorp. by 52.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock worth $1,149,000 after buying an additional 21,213 shares during the period. Finally, Barclays PLC lifted its holdings in First BanCorp. by 106.1% during the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after buying an additional 189,148 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

First BanCorp. stock opened at $19.38 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $19.87. The stock has a market cap of $3.18 billion, a P/E ratio of 10.71, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the previous year, the company posted $0.46 earnings per share. Equities analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a dividend of $0.18 per share. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.72%. First BanCorp.’s payout ratio is 39.78%.

Insider Buying and Selling at First BanCorp.

In related 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 transaction of $214,160.75. Following the transaction, the executive vice president now owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FBP shares. Wells Fargo & Company cut their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

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.