First BanCorp. (NYSE:FBP) Shares Sold by X Square Capital LLC

X Square Capital LLC decreased its position in shares of First BanCorp. (NYSE:FBP) by 20.6% in the 4th quarter, Holdings Channel reports. The firm owned 249,504 shares of the bank’s stock after selling 64,666 shares during the quarter. First BanCorp. accounts for about 1.9% of X Square Capital LLC’s portfolio, making the stock its 9th largest holding. X Square Capital LLC’s holdings in First BanCorp. were worth $4,638,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of First BanCorp. during the 4th quarter worth approximately $35,275,000. Intech Investment Management LLC boosted its stake in First BanCorp. by 267.2% during the fourth quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after acquiring an additional 513,063 shares in the last quarter. State Street Corp grew its holdings in First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the period. Assenagon Asset Management S.A. bought a new stake in First BanCorp. in the fourth quarter valued at $4,792,000. Finally, Barclays PLC raised its holdings in shares of First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock valued at $7,779,000 after purchasing an additional 189,148 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In related news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the sale, the executive vice president now directly owns 176,222 shares in the company, valued at approximately $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 SEC, which can be accessed through this link. 2.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FBP shares. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company decreased 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 investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $19.45 on Friday. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.34 and a beta of 1.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a fifty-two week low of $16.25 and a fifty-two week high of $22.40. The firm’s 50-day simple moving average is $19.60 and its 200 day simple moving average is $19.89.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the business earned $0.46 EPS. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared 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 is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) 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.