Fmr LLC Sells 1,288,357 Shares of First BanCorp. (NYSE:FBP)

Fmr LLC trimmed its stake in First BanCorp. (NYSE:FBP) by 11.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 10,313,333 shares of the bank’s stock after selling 1,288,357 shares during the period. Fmr LLC owned 0.06% of First BanCorp. worth $191,725,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management lifted 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 worth $29,000 after purchasing an additional 514 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of First BanCorp. by 31.9% in 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 period. Wilmington Savings Fund Society FSB grew its stake in shares of First BanCorp. by 17.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after acquiring an additional 544 shares during the period. R Squared Ltd purchased a new position in shares of First BanCorp. in the fourth quarter worth about $28,000. Finally, Wedge Capital Management L L P NC grew its stake in First BanCorp. by 3.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 60,325 shares of the bank’s stock valued at $1,121,000 after buying an additional 2,042 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FBP has been the topic of several recent analyst reports. Keefe, Bruyette & Woods increased their target price 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. Wells Fargo & Company upgraded shares of First BanCorp. from an “equal weight” rating to an “overweight” rating and set a $20.00 price target on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $17.72 on Friday. First BanCorp. has a twelve month low of $16.25 and a twelve month high of $22.40. The firm’s 50 day moving average price is $18.99 and its 200-day moving average price is $19.68. 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 stock has a market capitalization of $2.90 billion, a PE ratio of 9.79, a price-to-earnings-growth 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 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 company earned $0.46 earnings per share. Equities research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently disclosed 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 is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 4.06%. First BanCorp.’s payout ratio is 39.78%.

Insider Buying and Selling

In other news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the transaction, the executive vice president now owns 186,543 shares of the company’s stock, valued at $3,874,498.11. The trade was a 19.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is currently owned by corporate insiders.

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.