EMC Capital Management Buys 12,943 Shares of First BanCorp. (NYSE:FBP)

EMC Capital Management increased its position in First BanCorp. (NYSE:FBP - Free Report) by 129.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,904 shares of the bank's stock after buying an additional 12,943 shares during the period. EMC Capital Management's holdings in First BanCorp. were worth $426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gladius Capital Management LP acquired a new stake in First BanCorp. in the 3rd quarter valued at $25,000. R Squared Ltd bought a new stake in shares of First BanCorp. in the 4th quarter worth $28,000. Blue Trust Inc. raised its holdings in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank's stock valued at $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC grew its position in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank's stock worth $60,000 after purchasing an additional 1,952 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in First BanCorp. in the 3rd quarter valued at about $66,000. 97.91% of the stock is owned by institutional investors.

Insider Activity at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by insiders.

First BanCorp. Stock Performance

Shares of First BanCorp. stock traded down $0.18 during trading hours on Friday, reaching $20.75. The company had a trading volume of 963,305 shares, compared to its average volume of 1,063,735. The firm has a market cap of $3.40 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.14. First BanCorp. has a one year low of $15.95 and a one year high of $22.40. 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 business has a fifty day simple moving average of $19.67 and a 200 day simple moving average of $20.27.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the business earned $0.46 earnings per share. On average, analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a dividend of $0.18 per share. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.'s dividend payout ratio (DPR) is presently 35.36%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FBP. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Hovde Group lowered their price target on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Wells Fargo & Company reduced their price objective 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. Finally, Piper Sandler cut their price target 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.