JPMorgan Chase & Co. Reduces Stock Position in First BanCorp. (NYSE:FBP)

JPMorgan Chase & Co. lessened its stake in First BanCorp. (NYSE:FBP - Free Report) by 10.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,053,923 shares of the bank's stock after selling 240,586 shares during the quarter. JPMorgan Chase & Co. owned 1.25% of First BanCorp. worth $38,182,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its stake in First BanCorp. by 104.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 74,250 shares of the bank's stock worth $1,572,000 after purchasing an additional 37,856 shares during the period. Verition Fund Management LLC bought a new stake in shares of First BanCorp. in the third quarter valued at about $257,000. Centiva Capital LP boosted its position in shares of First BanCorp. by 134.5% during the third quarter. Centiva Capital LP now owns 25,417 shares of the bank's stock worth $538,000 after buying an additional 14,577 shares during the period. State Street Corp boosted its position in First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank's stock worth $194,630,000 after acquiring an additional 347,271 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of First BanCorp. in the third quarter valued at approximately $1,038,000. Institutional investors own 97.91% of the company's stock.

Insider Buying and Selling

In related news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now owns 176,222 shares of the company's stock, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.50% of the stock is owned by insiders.

Remove Ads

First BanCorp. Price Performance

Shares of First BanCorp. stock traded up $0.14 on Friday, reaching $17.72. 1,208,436 shares of the stock were exchanged, compared to its average volume of 1,059,273. The firm's 50 day moving average is $18.99 and its 200-day moving average is $19.68. The firm has a market cap of $2.90 billion, a PE ratio of 9.79, a P/E/G ratio of 1.34 and a beta of 0.90. First BanCorp. has a one year low of $16.25 and a one year high of $22.40. 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. (NYSE:FBP - Get Free Report) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping 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 firm earned $0.46 EPS. As a group, analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal 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 $0.18 dividend. The ex-dividend date of this dividend was Friday, February 21st. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 4.06%. First BanCorp.'s payout ratio is 39.78%.

Analyst Upgrades and Downgrades

FBP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of 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 raised First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 price target for the company in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, First BanCorp. has an average rating of "Moderate Buy" and a consensus price target 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.