KLP Kapitalforvaltning AS Buys Shares of 34,200 First BanCorp. (NYSE:FBP)

KLP Kapitalforvaltning AS purchased a new position in shares of First BanCorp. (NYSE:FBP) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 34,200 shares of the bank’s stock, valued at approximately $636,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. R Squared Ltd acquired a new stake in First BanCorp. during the 4th quarter worth about $28,000. Picton Mahoney Asset Management lifted its stake in First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after buying an additional 514 shares during the period. Blue Trust Inc. boosted its holdings in shares of First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after buying an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of First BanCorp. during the 3rd quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after acquiring an additional 3,032 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of FBP opened at $19.38 on Thursday. The business’s fifty day moving average is $19.57 and its 200 day moving average is $19.87. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. 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 stock has a market cap of $3.18 billion, a P/E ratio of 10.71, a P/E/G ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating 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 last year, the business earned $0.46 EPS. Sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

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

Insiders Place Their Bets

In other news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now owns 176,222 shares in the company, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company cut their price objective on shares of 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.