First BanCorp. (NYSE:FBP) Shares Bought by Algert Global LLC

Algert Global LLC lifted its stake in shares of First BanCorp. (NYSE:FBP) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 686,196 shares of the bank’s stock after purchasing an additional 9,447 shares during the period. Algert Global LLC’s holdings in First BanCorp. were worth $12,756,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new position in First BanCorp. in the fourth quarter worth approximately $28,000. Picton Mahoney Asset Management raised its holdings in shares of First BanCorp. by 48.2% in the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after purchasing an additional 514 shares in the last quarter. Blue Trust Inc. lifted its position 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 purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of First BanCorp. during the third quarter worth $66,000. Finally, Smartleaf Asset Management LLC increased its holdings in First BanCorp. by 394.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after buying an additional 3,032 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.33 on Friday. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 1.34 and a beta of 0.90. The stock’s 50-day moving average is $18.59 and its two-hundred day moving average is $19.51.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 earnings per share. Analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend is Thursday, May 29th. First BanCorp.’s dividend payout ratio is currently 39.13%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price target on First BanCorp. from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Keefe, Bruyette & Woods upped their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 10,321 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the sale, the executive vice president now owns 176,222 shares in the company, valued at approximately $3,656,606.50. This represents 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 link. 2.30% of the stock is currently owned by insiders.

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.