KLP Kapitalforvaltning AS Makes New $636,000 Investment in First BanCorp. (NYSE:FBP)

KLP Kapitalforvaltning AS purchased a new position in shares of First BanCorp. (NYSE:FBP - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 34,200 shares of the bank's stock, valued at approximately $636,000.

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

First BanCorp. Trading Down 2.1 %

Shares of FBP traded down $0.36 during mid-day trading on Monday, reaching $16.80. The stock had a trading volume of 1,754,796 shares, compared to its average volume of 1,044,007. First BanCorp. has a 52-week low of $16.25 and a 52-week high of $22.40. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 9.28, a P/E/G ratio of 1.34 and a beta of 0.90. The business's fifty day moving average is $19.36 and its 200 day moving average is $19.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80.

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, 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 period last year, the business posted $0.46 EPS. On average, sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal 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 4.29%. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend 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 stock in a transaction dated Friday, February 7th. The shares were 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 owns 176,222 shares of the company's stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FBP. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.40.

About First BanCorp.

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.