Quantbot Technologies LP Acquires New Stake in First BanCorp. (NYSE:FBP)

Quantbot Technologies LP acquired a new stake in First BanCorp. (NYSE:FBP - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 150,855 shares of the bank's stock, valued at approximately $2,804,000. Quantbot Technologies LP owned 0.09% of First BanCorp. at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Principal Financial Group Inc. grew its position in First BanCorp. by 4.2% during 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 during the last quarter. Martingale Asset Management L P grew its stake in shares of First BanCorp. by 63.3% in the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank's stock valued at $1,891,000 after purchasing an additional 34,616 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $4,792,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $420,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of First BanCorp. by 52.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank's stock worth $1,149,000 after purchasing an additional 21,213 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

Shares of NYSE FBP traded up $0.03 during midday trading on Thursday, hitting $19.45. The company had a trading volume of 1,077,482 shares, compared to its average volume of 964,580. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. First BanCorp. has a twelve month low of $16.25 and a twelve month high of $22.40. The business has a 50-day simple moving average of $19.60 and a two-hundred day simple moving average of $19.90. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

Remove Ads

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping 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 quarter last year, the business posted $0.46 EPS. Equities research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Friday, February 21st. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s payout ratio is 39.78%.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. 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 transaction, the executive vice president now owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

FBP has been the topic of several recent research reports. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their price target 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.