Russell Investments Group Ltd. Sells 258,634 Shares of First BanCorp. (NYSE:FBP)

Russell Investments Group Ltd. trimmed its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 43.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,677 shares of the bank's stock after selling 258,634 shares during the period. Russell Investments Group Ltd. owned 0.20% of First BanCorp. worth $6,203,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Verition Fund Management LLC bought a new stake in shares of First BanCorp. during the third quarter valued at approximately $257,000. Public Employees Retirement System of Ohio acquired a new position in First BanCorp. during the 3rd quarter valued at about $2,607,000. Barclays PLC boosted its stake in shares of First BanCorp. by 106.1% in the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank's stock valued at $7,779,000 after purchasing an additional 189,148 shares during the last quarter. Geode Capital Management LLC grew its position in shares of 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 buying an additional 112,432 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. during the third quarter worth approximately $66,000. Institutional investors own 97.91% of the company's stock.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the business's stock in a transaction 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 directly owns 176,222 shares in the company, valued at approximately $3,656,606.50. The trade was 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 hyperlink. Company insiders own 2.50% of the company's stock.

Analyst Upgrades and Downgrades

FBP has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their target price on 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 price objective for the company in a research report on Wednesday, April 9th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.40.

First BanCorp. Stock Up 1.1 %

FBP stock traded up $0.21 during trading hours on Friday, reaching $18.24. 1,366,843 shares of the stock were exchanged, compared to its average volume of 1,071,689. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 1.34 and a beta of 0.90. The firm's 50-day moving average is $18.71 and its 200-day moving average is $19.60. First BanCorp. has a 12 month low of $16.31 and a 12 month high of $22.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Thursday, January 23rd. The bank reported $0.46 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 business posted $0.46 EPS. On average, equities research analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.95%. First BanCorp.'s payout ratio is 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.