Franklin Resources Inc. Cuts Holdings in First BanCorp. (NYSE:FBP)

Franklin Resources Inc. lowered its holdings in First BanCorp. (NYSE:FBP - Free Report) by 27.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,975 shares of the bank's stock after selling 58,620 shares during the quarter. Franklin Resources Inc. owned 0.09% of First BanCorp. worth $2,881,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in First BanCorp. by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank's stock valued at $398,981,000 after buying an additional 63,304 shares during the period. American Century Companies Inc. increased its stake in shares of First BanCorp. by 1.2% in the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank's stock valued at $125,001,000 after purchasing an additional 78,129 shares in the last quarter. Geode Capital Management LLC raised its holdings 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 worth $92,879,000 after purchasing an additional 112,432 shares during the period. Norges Bank purchased a new position in First BanCorp. during the fourth quarter worth approximately $35,275,000. Finally, Principal Financial Group Inc. grew its holdings in First BanCorp. by 4.2% in the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock valued at $17,216,000 after purchasing an additional 37,432 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Trading Up 1.1 %

NYSE:FBP traded up $0.21 during trading hours on Friday, hitting $18.24. The company had a trading volume of 1,366,843 shares, compared to its average volume of 1,072,224. First BanCorp. has a 1 year low of $16.27 and a 1 year high of $22.40. The company has a market cap of $2.97 billion, a P/E ratio of 10.08, a P/E/G ratio of 1.34 and a beta of 0.90. The company has a 50-day moving average of $18.77 and a 200 day moving average of $19.61. 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 data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 period last year, the company earned $0.46 earnings per share. Sell-side analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.95%. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. First BanCorp.'s dividend payout ratio is presently 39.78%.

Insiders Place Their Bets

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. 2.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBP. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. Wells Fargo & Company raised shares of First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 target price for the company in a research note on Wednesday, April 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to 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.