First BanCorp. (NYSE:FBP) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lessened its stake in First BanCorp. (NYSE:FBP - Free Report) by 2.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,460,346 shares of the bank's stock after selling 173,081 shares during the period. Alliancebernstein L.P. owned about 3.94% of First BanCorp. worth $120,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of First BanCorp. by 4.2% during the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock worth $17,216,000 after buying an additional 37,432 shares during the period. Assenagon Asset Management S.A. purchased a new position in First BanCorp. during the 4th quarter valued at about $4,792,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in First BanCorp. during the 4th quarter valued at about $420,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in First BanCorp. by 52.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank's stock valued at $1,149,000 after acquiring an additional 21,213 shares in the last quarter. Finally, Sei Investments Co. increased its stake in First BanCorp. by 4.9% during the fourth quarter. Sei Investments Co. now owns 437,437 shares of the bank's stock worth $8,132,000 after purchasing an additional 20,256 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on FBP. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

First BanCorp. Stock Down 2.1 %

Shares of First BanCorp. stock traded down $0.36 on Monday, reaching $16.80. 1,754,796 shares of the company were exchanged, compared to its average volume of 1,044,007. The stock's 50 day moving average price is $19.36 and its 200-day moving average price is $19.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $16.25 and a 1-year high of $22.40. The company has a market cap of $2.75 billion, a P/E ratio of 9.28, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly 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 quarter in the previous year, the firm posted $0.46 earnings per share. As a group, equities analysts forecast 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. Investors of record on Friday, February 21st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 4.29%. The ex-dividend date was Friday, February 21st. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s dividend payout ratio is 39.78%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.50% of the stock is owned by insiders.

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.