O Shaughnessy Asset Management LLC Reduces Position in First BanCorp. (NYSE:FBP)

O Shaughnessy Asset Management LLC trimmed its holdings in First BanCorp. (NYSE:FBP) by 7.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 130,869 shares of the bank’s stock after selling 10,777 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in First BanCorp. were worth $2,433,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. R Squared Ltd purchased a new stake in First BanCorp. in the fourth quarter worth $28,000. Picton Mahoney Asset Management increased its stake in 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 buying an additional 514 shares during the period. Blue Trust Inc. lifted its holdings in First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after buying an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in First BanCorp. in the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC grew its stake in First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock worth $70,000 after acquiring an additional 3,032 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FBP has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of 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 decreased their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Price Performance

Shares of FBP opened at $17.86 on Friday. 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 company has a 50 day moving average price of $19.51 and a 200-day moving average price of $19.86. First BanCorp. has a fifty-two week low of $16.25 and a fifty-two week high of $22.40. The stock has a market capitalization of $2.93 billion, a PE ratio of 9.87, a PEG ratio of 1.34 and a beta of 1.12.

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 firm posted $0.46 EPS. Equities analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 4.03%. First BanCorp.’s payout ratio is currently 39.78%.

Insider Buying and Selling at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the business’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 transaction of $214,160.75. Following the completion of the transaction, the executive vice president now owns 176,222 shares in the company, valued at $3,656,606.50. The trade was a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.50% of the company’s stock.

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.