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

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

Other large investors have also modified their holdings of the company. Picton Mahoney Asset Management boosted its stake in shares of First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after purchasing an additional 514 shares during the last quarter. Blue Trust Inc. grew its stake in First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after acquiring an additional 542 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock valued at $68,000 after acquiring an additional 544 shares during the last quarter. R Squared Ltd purchased a new position in shares of First BanCorp. during the 4th quarter worth $28,000. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of First BanCorp. by 3.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 60,325 shares of the bank's stock worth $1,121,000 after purchasing an additional 2,042 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on FBP. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $22.40.

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Insider Activity at First BanCorp.

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

First BanCorp. Trading Down 4.3 %

First BanCorp. stock traded down $0.77 during midday trading on Friday, reaching $17.10. The stock had a trading volume of 1,751,277 shares, compared to its average volume of 1,039,476. The stock's 50-day simple moving average is $19.51 and its 200 day simple moving average is $19.86. First BanCorp. has a twelve month low of $16.25 and a twelve month 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. The stock has a market capitalization of $2.80 billion, a PE ratio of 9.44, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data 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 return on equity of 18.89% and a net margin of 24.37%. During the same period last year, the company posted $0.46 EPS. Analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Friday, February 21st. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s dividend payout ratio (DPR) is currently 39.78%.

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.