Principal Financial Group Inc. Increases Stock Position in First BanCorp. (NYSE:FBP)

Principal Financial Group Inc. increased its stake in First BanCorp. (NYSE:FBP - Free Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 926,097 shares of the bank's stock after buying an additional 37,432 shares during the period. Principal Financial Group Inc. owned 0.57% of First BanCorp. worth $17,216,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FBP. State Street Corp raised its holdings in shares of First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank's stock valued at $194,630,000 after purchasing an additional 347,271 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in First BanCorp. during the 4th quarter worth approximately $4,792,000. Barclays PLC grew its position in First BanCorp. by 106.1% during the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank's stock worth $7,779,000 after purchasing an additional 189,148 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in First BanCorp. during the 3rd quarter worth approximately $2,607,000. Finally, Geode Capital Management LLC grew its position in First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank's stock worth $92,879,000 after purchasing an additional 112,432 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Price Performance

NYSE:FBP traded up $0.26 during trading hours on Friday, reaching $19.50. 884,639 shares of the company were exchanged, compared to its average volume of 949,021. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The stock's 50-day moving average is $19.66 and its 200-day moving average is $20.20. The firm has a market cap of $3.19 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.34 and a beta of 1.14. First BanCorp. has a twelve month low of $16.24 and a twelve month high of $22.40.

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First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating 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 period in the previous year, the business earned $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.69%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.'s dividend payout ratio is 39.78%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Wells Fargo & Company lowered their price target on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.40.

Insider Buying and Selling

In related news, EVP Carlos Power sold 45,797 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the completion of the sale, the executive vice president now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is owned by company insiders.

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.