Assenagon Asset Management S.A. Acquires New Shares in First BanCorp. (NYSE:FBP)

Assenagon Asset Management S.A. acquired a new position in shares of First BanCorp. (NYSE:FBP - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 257,752 shares of the bank's stock, valued at approximately $4,792,000. Assenagon Asset Management S.A. owned 0.16% of First BanCorp. at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FBP. Gladius Capital Management LP acquired a new stake in shares of First BanCorp. in the 3rd quarter worth approximately $25,000. Blue Trust Inc. raised its holdings in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock worth $36,000 after purchasing an additional 1,668 shares in the last quarter. CWM LLC lifted its position in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank's stock worth $60,000 after purchasing an additional 1,952 shares during the period. Wilmington Savings Fund Society FSB bought a new position in First BanCorp. during the 3rd quarter valued at $66,000. Finally, USA Financial Formulas increased its position in shares of First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank's stock valued at $76,000 after purchasing an additional 2,234 shares during the period. 97.91% of the stock is owned by institutional investors.

First BanCorp. Trading Up 0.1 %

FBP stock traded up $0.03 during mid-day trading on Tuesday, reaching $19.70. 1,149,788 shares of the stock traded hands, compared to its average volume of 996,782. First BanCorp. has a 52-week low of $15.78 and a 52-week high of $22.40. The stock's fifty day moving average is $19.75 and its 200-day moving average is $20.17. The company has a market cap of $3.23 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.72 and a beta of 1.14. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The firm had revenue of $234.57 million during the quarter, compared to analyst estimates of $238.51 million. During the same quarter last year, the business posted $0.46 EPS. The company's revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. 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 dividend yield of 3.66%. First BanCorp.'s payout ratio is currently 35.36%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FBP. Piper Sandler decreased their target price on First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Wells Fargo & Company reduced 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 research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Finally, Hovde Group cut their target price on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, First BanCorp. has a consensus rating of "Moderate Buy" and an average price target of $22.20.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares of the company's stock, valued at $5,011,223.10. The trade was a 9.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.50% of the stock is 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.