Fox Run Management L.L.C. Invests $668,000 in First BanCorp. (NYSE:FBP)

Fox Run Management L.L.C. bought a new position in shares of First BanCorp. (NYSE:FBP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 35,954 shares of the bank's stock, valued at approximately $668,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd bought a new stake in shares of First BanCorp. during the 4th quarter worth $28,000. Picton Mahoney Asset Management boosted its holdings in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock valued at $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. grew its position in shares of First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of First BanCorp. in the third quarter worth about $66,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock worth $70,000 after purchasing an additional 3,032 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69. Following the completion of the transaction, the executive vice president now directly owns 186,543 shares of the company's stock, valued at approximately $3,874,498.11. This trade represents a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.50% of the company's stock.

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Analyst Ratings Changes

A number of research firms have issued reports on FBP. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a report 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 on the stock in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, First BanCorp. presently has an average rating of "Moderate Buy" and an average target price of $22.40.

First BanCorp. Stock Performance

Shares of FBP stock traded down $0.23 during mid-day trading on Friday, reaching $19.21. The stock had a trading volume of 1,056,043 shares, compared to its average volume of 1,031,405. First BanCorp. has a one year low of $16.25 and a one year high of $22.40. The firm has a market cap of $3.15 billion, a PE ratio of 10.61, a P/E/G ratio of 1.34 and a beta of 1.12. The firm's 50 day simple moving average is $19.59 and its 200 day simple moving average is $19.89. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping 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 period in the previous year, the company earned $0.46 earnings per share. On average, analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were paid a dividend of $0.18 per share. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.75%. First BanCorp.'s dividend payout ratio (DPR) is currently 39.78%.

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.