Boston Partners Decreases Stock Holdings in First BanCorp. (NYSE:FBP)

Boston Partners lowered its position in shares of First BanCorp. (NYSE:FBP) by 45.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,259 shares of the bank’s stock after selling 55,843 shares during the period. Boston Partners’ holdings in First BanCorp. were worth $1,269,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Intech Investment Management LLC grew its stake in shares of First BanCorp. by 267.2% in the fourth quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after purchasing an additional 513,063 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in First BanCorp. by 124.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 322,119 shares of the bank’s stock worth $5,988,000 after buying an additional 178,660 shares in the last quarter. Cibc World Markets Corp purchased a new position in First BanCorp. during the 4th quarter valued at about $282,000. Picton Mahoney Asset Management boosted its stake in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after acquiring an additional 514 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in First BanCorp. by 52.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock worth $1,149,000 after purchasing an additional 21,213 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

FBP opened at $18.82 on Friday. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The company’s 50 day moving average is $19.58 and its 200 day moving average is $19.93. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 posted $0.46 EPS. On average, equities research analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. 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 3.83%. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio is presently 39.78%.

Insider Transactions at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on FBP shares. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company dropped their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.40.

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.