First BanCorp. (NYSE:FBP) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. boosted its stake in First BanCorp. (NYSE:FBP - Free Report) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,462,121 shares of the bank's stock after purchasing an additional 63,304 shares during the period. Vanguard Group Inc. owned approximately 13.10% of First BanCorp. worth $398,981,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FBP. R Squared Ltd bought a new position in shares of First BanCorp. in the 4th quarter worth approximately $28,000. Picton Mahoney Asset Management raised its position in First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. boosted its stake in shares of First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of First BanCorp. during the 3rd quarter worth $66,000. Finally, Smartleaf Asset Management LLC grew its position in shares of First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock valued at $70,000 after acquiring an additional 3,032 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Carlos Power sold 10,321 shares of the company's stock in a transaction dated Friday, February 7th. The stock was 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 of the company's stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.50% of the company's stock.

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Analyst Ratings Changes

Several equities research analysts recently issued reports on FBP shares. Wells Fargo & Company decreased their target price 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 objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, First BanCorp. presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

First BanCorp. Trading Down 2.1 %

Shares of NYSE FBP traded down $0.36 during mid-day trading on Monday, reaching $16.80. The company had a trading volume of 1,754,796 shares, compared to its average volume of 1,044,007. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. First BanCorp. has a 52 week low of $16.25 and a 52 week high of $22.40. The business's 50-day moving average is $19.36 and its 200-day moving average is $19.79. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates 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 firm posted $0.46 earnings per share. Equities analysts expect 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. Shareholders 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 4.29%. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.'s dividend payout ratio is presently 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.