First BanCorp. (NYSE:FBP) Shares Bought by Martingale Asset Management L P

Martingale Asset Management L P grew its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,857 shares of the bank's stock after buying an additional 16,516 shares during the period. Martingale Asset Management L P owned about 0.06% of First BanCorp. worth $1,968,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of First BanCorp. by 4.2% during the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock valued at $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in First BanCorp. during the 4th quarter valued at $4,792,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in First BanCorp. by 52.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank's stock worth $1,149,000 after acquiring an additional 21,213 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of First BanCorp. during the fourth quarter worth $420,000. Finally, Sei Investments Co. raised its stake in shares of First BanCorp. by 4.9% during the fourth 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.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the company's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the transaction, the executive vice president now owns 176,222 shares in the company, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their position. The sale 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 corporate insiders.

First BanCorp. Stock Performance

NYSE:FBP traded up $0.01 during trading on Wednesday, reaching $18.02. The company's stock had a trading volume of 247,269 shares, compared to its average volume of 1,062,889. First BanCorp. has a 12 month low of $16.25 and a 12 month high of $22.40. The firm has a 50 day moving average of $18.87 and a 200-day 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. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90.

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 (EPS) 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 in the previous year, the firm posted $0.46 EPS. Research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal 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 given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 4.00%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. First BanCorp.'s dividend payout ratio is currently 39.78%.

First BanCorp. Company 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.