Charles Schwab Investment Management Inc. Cuts Stock Position in First BanCorp. (NYSE:FBP)

Charles Schwab Investment Management Inc. lowered its stake in First BanCorp. (NYSE:FBP - Free Report) by 7.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,654,348 shares of the bank's stock after selling 132,876 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.01% of First BanCorp. worth $30,754,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in FBP. State Street Corp grew its position in shares of First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank's stock valued at $194,630,000 after purchasing an additional 347,271 shares during the period. Geode Capital Management LLC lifted its stake in First BanCorp. by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank's stock valued at $92,879,000 after buying an additional 112,432 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in First BanCorp. by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank's stock worth $24,751,000 after buying an additional 16,432 shares during the last quarter. Principal Financial Group Inc. increased its stake in First BanCorp. by 4.2% during the 4th 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 in the last quarter. Finally, Algert Global LLC increased its stake in First BanCorp. by 2.9% during the 3rd quarter. Algert Global LLC now owns 676,749 shares of the bank's stock worth $14,327,000 after buying an additional 19,290 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the company'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 transaction, the executive vice president now owns 176,222 shares of the company's stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.50% of the company's stock.

First BanCorp. Trading Up 0.2 %

NYSE FBP traded up $0.05 on Thursday, reaching $18.40. 796,782 shares of the company were exchanged, compared to its average volume of 935,896. First BanCorp. has a fifty-two week low of $16.25 and a fifty-two week high of $22.40. The stock has a market capitalization of $3.01 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. The business's fifty day moving average price is $19.57 and its 200 day moving average price is $19.97. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating 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 business posted $0.46 EPS. Analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were issued a dividend of $0.18 per share. The ex-dividend date was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.91%. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s dividend payout ratio (DPR) is currently 39.78%.

Wall Street Analysts Forecast Growth

FBP has been the topic of a number of research analyst reports. 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 research note on Friday, January 24th. Wells Fargo & Company dropped their target price 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. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

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.