Cibc World Markets Corp Takes Position in First BanCorp. (NYSE:FBP)

Cibc World Markets Corp acquired a new position in First BanCorp. (NYSE:FBP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,149 shares of the bank's stock, valued at approximately $282,000.

Other hedge funds have also recently made changes to their positions in the company. Picton Mahoney Asset Management boosted its position in shares of First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after buying an additional 514 shares during the period. Blue Trust Inc. grew its position in 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 in the last quarter. Wilmington Savings Fund Society FSB increased its stake in First BanCorp. by 17.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock worth $68,000 after purchasing an additional 544 shares during the period. R Squared Ltd purchased a new stake in First BanCorp. during the fourth quarter worth about $28,000. Finally, Wedge Capital Management L L P NC boosted its stake in shares of 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 valued at $1,121,000 after purchasing an additional 2,042 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Upgrades and Downgrades

FBP has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their target price 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 decreased their target price on First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, First BanCorp. has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

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Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the firm's 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 owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.50% of the company's stock.

First BanCorp. Stock Down 1.2 %

Shares of First BanCorp. stock traded down $0.23 during trading on Friday, hitting $19.21. 1,056,043 shares of the stock were exchanged, compared to its average volume of 1,031,406. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The firm's 50-day moving average price is $19.59 and its 200 day moving average price is $19.89. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share 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 prior year, the firm posted $0.46 earnings per share. As a group, analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company 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 is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 3.75%. First BanCorp.'s dividend payout ratio (DPR) is presently 39.78%.

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.