Summit Global Investments Purchases Shares of 62,768 First BanCorp. (NYSE:FBP)

Summit Global Investments purchased a new stake in shares of First BanCorp. (NYSE:FBP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 62,768 shares of the bank's stock, valued at approximately $1,167,000.

Other hedge funds have also made changes to their positions in the company. R Squared Ltd acquired a new stake in First BanCorp. during the 4th quarter valued at $28,000. Picton Mahoney Asset Management lifted its stake in First BanCorp. by 48.2% in the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. grew its stake in First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after acquiring an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of First BanCorp. in the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of First BanCorp. by 394.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock worth $70,000 after purchasing an additional 3,032 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Stock Up 0.1 %

Shares of First BanCorp. stock traded up $0.03 during midday trading on Thursday, reaching $19.45. 1,077,482 shares of the company's stock traded hands, compared to its average volume of 964,580. The company has a market cap 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 52 week low of $16.25 and a 52 week high of $22.40. The company's 50 day simple moving average is $19.60 and its 200 day simple moving average is $19.90. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81.

Remove Ads

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping 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. Equities analysts expect that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors 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 3.70%. The ex-dividend date was Friday, February 21st. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s payout ratio is currently 39.78%.

Analyst Ratings Changes

Several research analysts have weighed in 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 research note on Friday, January 24th. Wells Fargo & Company cut their price objective on First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of "Moderate Buy" and a consensus target price of $22.40.

Insider Buying and Selling 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 owns 176,222 shares of the company's stock, 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 2.50% of the company's stock.

About First BanCorp.

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.