First BanCorp. (NYSE:FBP) Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its holdings in shares of First BanCorp. (NYSE:FBP) by 3.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 456,983 shares of the bank’s stock after selling 15,377 shares during the period. Legal & General Group Plc’s holdings in First BanCorp. were worth $8,495,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of First BanCorp. in the fourth quarter valued at about $28,000. Picton Mahoney Asset Management grew its stake 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 buying an additional 514 shares during the period. Blue Trust Inc. increased its holdings 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 buying an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. during the 3rd quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC lifted 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 acquiring an additional 3,032 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

NYSE FBP opened at $18.24 on Friday. The stock has a 50-day moving average of $18.71 and a two-hundred day moving average of $19.60. 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. has a 1-year low of $16.31 and a 1-year high of $22.40. The company has a market cap of $2.97 billion, a P/E ratio of 10.08, a P/E/G ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) 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 quarter last year, the firm posted $0.46 EPS. As a group, analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a dividend of $0.18 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.95%. First BanCorp.’s dividend payout ratio is 39.78%.

Wall Street Analysts Forecast Growth

FBP has been the topic of several recent analyst reports. 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 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 target for the company in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.40.

Insider Buying and Selling at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the sale, the executive vice president now owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.50% of the stock is owned by corporate insiders.

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.