Dynamic Technology Lab Private Ltd Takes Position in First BanCorp. (NYSE:FBP)

Dynamic Technology Lab Private Ltd purchased a new position in First BanCorp. (NYSE:FBP - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 90,614 shares of the bank's stock, valued at approximately $1,685,000. Dynamic Technology Lab Private Ltd owned 0.06% of First BanCorp. as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FBP. Norges Bank purchased a new position in shares of First BanCorp. in the fourth quarter worth approximately $35,275,000. Intech Investment Management LLC lifted its position in First BanCorp. by 267.2% during the fourth quarter. Intech Investment Management LLC now owns 705,075 shares of the bank's stock valued at $13,107,000 after purchasing an additional 513,063 shares in the last quarter. State Street Corp grew its holdings in First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank's stock valued at $194,630,000 after purchasing an additional 347,271 shares during the period. Assenagon Asset Management S.A. purchased a new stake in First BanCorp. in the fourth quarter worth about $4,792,000. Finally, Trexquant Investment LP lifted its position in shares of First BanCorp. by 159.8% during the 4th quarter. Trexquant Investment LP now owns 377,327 shares of the bank's stock valued at $7,015,000 after buying an additional 232,117 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Carlos Power sold 45,797 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the sale, the executive vice president now directly owns 186,543 shares in the company, valued at $3,874,498.11. This trade represents a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.50% of the company's stock.

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First BanCorp. Price Performance

Shares of FBP traded down $0.82 during mid-day trading on Thursday, hitting $17.56. 671,693 shares of the stock were exchanged, compared to its average volume of 1,054,390. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The company has a market cap of $2.88 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. First BanCorp. has a 52-week low of $16.25 and a 52-week high of $22.40. The firm has a 50-day moving average of $19.10 and a two-hundred day moving average of $19.72.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) 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 quarter in the prior year, the business earned $0.46 EPS. On average, equities analysts predict that First BanCorp. will post 1.85 earnings per share for the current 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 given a dividend of $0.18 per share. The ex-dividend date was Friday, February 21st. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 4.10%. First BanCorp.'s dividend payout ratio is 39.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FBP shares. Keefe, Bruyette & Woods increased their price objective 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 raised First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 target price on the stock in a research note on Wednesday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, First BanCorp. presently has an average 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.