Geode Capital Management LLC Raises Position in First BanCorp. (NYSE:FBP)

Geode Capital Management LLC increased its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,462,862 shares of the bank's stock after buying an additional 76,256 shares during the quarter. Geode Capital Management LLC owned 2.72% of First BanCorp. worth $82,981,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FBP. New Age Alpha Advisors LLC bought a new position in shares of First BanCorp. during the 4th quarter worth approximately $168,000. Norges Bank bought a new position in shares of First BanCorp. during the 4th quarter worth about $35,275,000. Elo Mutual Pension Insurance Co bought a new position in shares of First BanCorp. during the 4th quarter worth about $267,000. Mitsubishi UFJ Trust & Banking Corp increased its position in First BanCorp. by 8.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 390,355 shares of the bank's stock valued at $7,257,000 after buying an additional 30,713 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP increased its position in First BanCorp. by 12.1% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 27,629 shares of the bank's stock valued at $514,000 after buying an additional 2,976 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FBP. Wells Fargo & Company upgraded shares of First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 price objective for the company in a report on Wednesday, April 9th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, First BanCorp. has a consensus rating of "Moderate Buy" and an average price target of $22.40.

First BanCorp. Stock Performance

NYSE:FBP traded up $0.08 during trading hours on Wednesday, reaching $18.09. The stock had a trading volume of 154,543 shares, compared to its average volume of 1,062,468. The stock has a market cap of $2.95 billion, a P/E ratio of 9.97, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. The stock has a 50 day simple moving average of $18.87 and a 200 day simple moving average of $19.64. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. 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 earnings results 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 quarter in the previous year, the business posted $0.46 EPS. On average, research analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced 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 represents a $0.72 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date was Friday, February 21st. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s payout ratio is presently 39.78%.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the business's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.50% of the company's stock.

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.