Arrowstreet Capital Limited Partnership Reduces Stock Position in First BanCorp. (NYSE:FBP)

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 31.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,520,055 shares of the bank's stock after selling 708,955 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.93% of First BanCorp. worth $28,258,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FBP. R Squared Ltd purchased a new position in shares of First BanCorp. during the fourth quarter worth $28,000. Picton Mahoney Asset Management grew its position in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after purchasing an additional 514 shares during the period. Blue Trust Inc. grew its position in 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 purchasing an additional 542 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of First BanCorp. during the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC lifted its holdings 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 buying an additional 3,032 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FBP has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Wells Fargo & Company dropped 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 note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First BanCorp. currently has an average rating of "Moderate Buy" and a consensus price target of $22.40.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of the stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.50% of the company's stock.

First BanCorp. Price Performance

Shares of First BanCorp. stock traded down $0.36 on Monday, hitting $16.80. The company's stock had a trading volume of 1,754,796 shares, compared to its average volume of 1,044,007. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. First BanCorp. has a 1 year low of $16.25 and a 1 year high of $22.40. 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 firm has a fifty day moving average price of $19.36 and a 200-day moving average price of $19.79.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data 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 previous year, the firm earned $0.46 earnings per share. As a group, 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 represents a $0.72 annualized dividend and a yield of 4.29%. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. First BanCorp.'s dividend payout ratio (DPR) is presently 39.78%.

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.