Intech Investment Management LLC Boosts Stake in First BanCorp. $FBP

Intech Investment Management LLC lifted its holdings in First BanCorp. (NYSE:FBP) by 5.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 743,478 shares of the bank’s stock after purchasing an additional 38,403 shares during the period. Intech Investment Management LLC owned about 0.46% of First BanCorp. worth $14,252,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its holdings in First BanCorp. by 1,445.7% during the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after purchasing an additional 402,488 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after purchasing an additional 29,631 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after buying an additional 2,262 shares in the last quarter. PharVision Advisers LLC acquired a new stake in First BanCorp. in the 1st quarter worth about $216,000. Finally, Millennium Management LLC increased its stake in First BanCorp. by 61.2% during the 1st quarter. Millennium Management LLC now owns 1,528,642 shares of the bank’s stock worth $29,304,000 after buying an additional 580,489 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer owned 1,059,547 shares of the company’s stock, valued at $23,627,898.10. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

First BanCorp. Stock Down 0.8%

FBP stock opened at $21.72 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80. The company’s 50 day moving average price is $21.54 and its 200 day moving average price is $20.12. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.36 and a beta of 0.97. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The company had revenue of $246.81 million for the quarter, compared to analysts’ expectations of $250.73 million. During the same quarter last year, the company earned $0.46 earnings per share. On average, equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.’s payout ratio is presently 38.30%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company increased their price objective on First BanCorp. from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

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.