First BanCorp. (NYSE:FBP) Stake Boosted by FCG Investment Co

FCG Investment Co raised its position in shares of First BanCorp. (NYSE:FBP) by 91.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,736 shares of the bank’s stock after buying an additional 13,765 shares during the quarter. FCG Investment Co’s holdings in First BanCorp. were worth $504,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of FBP. SummerHaven Investment Management LLC raised its position in First BanCorp. by 1.2% during the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock valued at $928,000 after buying an additional 661 shares during the period. Mackenzie Financial Corp lifted its position in shares of First BanCorp. by 8.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after purchasing an additional 942 shares in the last quarter. Prospector Partners LLC boosted its holdings in shares of First BanCorp. by 0.3% during the fourth quarter. Prospector Partners LLC now owns 477,975 shares of the bank’s stock worth $7,863,000 after purchasing an additional 1,490 shares during the period. Bridgefront Capital LLC grew its position in First BanCorp. by 8.3% during the fourth quarter. Bridgefront Capital LLC now owns 19,930 shares of the bank’s stock valued at $328,000 after purchasing an additional 1,532 shares in the last quarter. Finally, Private Wealth Management Group LLC acquired a new position in First BanCorp. in the 4th quarter valued at approximately $26,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Down 1.8 %

FBP stock traded down $0.33 during trading hours on Thursday, hitting $18.28. The company’s stock had a trading volume of 345,313 shares, compared to its average volume of 1,076,285. The company has a market capitalization of $3.04 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.53 and a beta of 1.12. The stock has a 50 day moving average price of $17.76 and a two-hundred day moving average price of $17.05. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 12 month low of $12.05 and a 12 month high of $18.63.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter in the previous year, the firm earned $0.39 earnings per share. On average, equities research analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 annualized dividend and a yield of 3.50%. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares in the company, valued at approximately $4,596,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Carlos Power sold 5,277 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the sale, the executive vice president now owns 255,236 shares in the company, valued at approximately $4,596,800.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The disclosure for this sale can be found here. 2.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FBP shares. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th.

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.