KBC Group NV Increases Position in First BanCorp. (NYSE:FBP)

KBC Group NV increased its position in First BanCorp. (NYSE:FBP) by 61.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,464 shares of the bank’s stock after acquiring an additional 3,230 shares during the period. KBC Group NV’s holdings in First BanCorp. were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after acquiring an additional 347,271 shares during the period. Assenagon Asset Management S.A. acquired a new position in First BanCorp. in the 4th quarter worth about $4,792,000. Barclays PLC boosted its position in First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after purchasing an additional 189,148 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in First BanCorp. in the third quarter valued at approximately $2,607,000. Finally, Geode Capital Management LLC increased its position in shares of 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 buying an additional 112,432 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Up 1.4 %

FBP stock opened at $21.09 on Friday. First BanCorp. has a one year low of $16.08 and a one year high of $22.40. The firm has a market cap of $3.46 billion, a PE ratio of 11.65, a PEG ratio of 1.38 and a beta of 1.14. The firm’s 50 day moving average price is $19.63 and its 200-day moving average price is $20.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the company earned $0.46 EPS. On average, equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a $0.18 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.41%. First BanCorp.’s payout ratio is presently 35.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FBP. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Piper Sandler decreased their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Wells Fargo & Company decreased 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. Finally, Hovde Group cut their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, First BanCorp. currently 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.