Elo Mutual Pension Insurance Co Purchases Shares of 14,384 First BanCorp. (NYSE:FBP)

Elo Mutual Pension Insurance Co bought a new position in First BanCorp. (NYSE:FBP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,384 shares of the bank's stock, valued at approximately $267,000.

A number of other institutional investors have also modified their holdings of the stock. Picton Mahoney Asset Management increased its holdings 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 last quarter. Blue Trust Inc. increased its holdings in shares of First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of First BanCorp. by 17.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock valued at $68,000 after acquiring an additional 544 shares in the last quarter. R Squared Ltd bought a new position in First BanCorp. during the fourth quarter worth $28,000. Finally, Wedge Capital Management L L P NC boosted its holdings in First BanCorp. by 3.5% in the fourth quarter. Wedge Capital Management L L P NC now owns 60,325 shares of the bank's stock worth $1,121,000 after purchasing an additional 2,042 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Performance

Shares of First BanCorp. stock traded down $1.06 during trading on Thursday, hitting $18.30. 756,257 shares of the stock were exchanged, compared to its average volume of 1,155,140. 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. has a 12 month low of $16.25 and a 12 month high of $22.40. The stock's fifty day moving average is $19.57 and its 200 day moving average is $19.87. The stock has a market cap of $3.00 billion, a PE ratio of 10.11, a P/E/G ratio of 1.34 and a beta of 1.12.

Remove Ads

First BanCorp. (NYSE:FBP - Get Free Report) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS 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 period in the previous year, the business posted $0.46 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.93%. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s payout ratio is presently 39.78%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. 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 report on Friday, January 24th. Wells Fargo & Company decreased their target price on First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.40.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the transaction, the executive vice president now owns 186,543 shares of the company's stock, valued at approximately $3,874,498.11. This trade represents a 19.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.50% of the stock is currently owned by insiders.

First BanCorp. 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.