Dynamic Technology Lab Private Ltd Makes New $1.69 Million Investment in First BanCorp. (NYSE:FBP)

Dynamic Technology Lab Private Ltd bought a new stake in First BanCorp. (NYSE:FBP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 90,614 shares of the bank’s stock, valued at approximately $1,685,000.

Several other hedge funds also recently made changes to their positions in FBP. Principal Financial Group Inc. raised its holdings in First BanCorp. by 4.2% in the fourth 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 in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of First BanCorp. in the 4th quarter worth about $4,792,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in First BanCorp. during the 4th quarter valued at about $420,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 acquiring an additional 21,213 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in First BanCorp. by 4.9% in the fourth quarter. Sei Investments Co. now owns 437,437 shares of the bank’s stock worth $8,132,000 after purchasing an additional 20,256 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FBP has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their target price 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 objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and an average target price of $22.40.

First BanCorp. Trading Down 4.3 %

NYSE:FBP opened at $17.10 on Friday. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 1.34 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average price is $19.44 and its 200-day moving average price is $19.83. First BanCorp. has a 52 week low of $16.25 and a 52 week high of $22.40.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping 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 period last year, the business posted $0.46 earnings per share. On average, equities research analysts forecast 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 was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. 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. This represents a $0.72 dividend on an annualized basis and a yield of 4.21%. First BanCorp.’s payout ratio is 39.78%.

Insider Activity

In other news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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.