LPL Financial LLC Grows Stock Holdings in First BanCorp. (NYSE:FBP)

LPL Financial LLC increased its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 128.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 41,897 shares of the bank's stock after purchasing an additional 23,567 shares during the period. LPL Financial LLC's holdings in First BanCorp. were worth $779,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. increased its position in shares of First BanCorp. by 1.2% in the fourth quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank's stock worth $125,001,000 after purchasing an additional 78,129 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of First BanCorp. by 4.2% in the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock worth $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Intech Investment Management LLC increased its position in shares of First BanCorp. by 267.2% during the 4th quarter. Intech Investment Management LLC now owns 705,075 shares of the bank's stock valued at $13,107,000 after purchasing an additional 513,063 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of First BanCorp. by 2.2% during the 4th quarter. Rhumbline Advisers now owns 484,978 shares of the bank's stock valued at $9,016,000 after buying an additional 10,591 shares in the last quarter. Finally, Sei Investments Co. lifted its position in First BanCorp. by 4.9% in the 4th quarter. Sei Investments Co. now owns 437,437 shares of the bank's stock worth $8,132,000 after buying an additional 20,256 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Down 2.2 %

Shares of FBP stock traded down $0.43 during mid-day trading on Friday, reaching $19.15. 529,191 shares of the company's stock traded hands, compared to its average volume of 1,077,844. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The company's 50-day moving average price is $18.60 and its 200-day moving average price is $19.56. The company has a market cap of $3.12 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.34 and a beta of 0.90. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The firm had revenue of $248.13 million for the quarter, compared to the consensus estimate of $243.08 million. On average, equities analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.76%. First BanCorp.'s payout ratio is 39.78%.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FBP. Wells Fargo & Company raised First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 price objective on the stock in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods raised 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average 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.