Olympiad Research LP Lowers Stock Position in First BanCorp. (NYSE:FBP)

Olympiad Research LP lessened its stake in shares of First BanCorp. (NYSE:FBP) by 19.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,318 shares of the bank’s stock after selling 2,958 shares during the quarter. Olympiad Research LP’s holdings in First BanCorp. were worth $229,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FBP. CWM LLC boosted its stake in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after buying an additional 1,952 shares during the period. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after buying an additional 1,668 shares during the period. QRG Capital Management Inc. purchased a new position in First BanCorp. during the third quarter worth about $205,000. Natixis Advisors LLC boosted its stake in shares of First BanCorp. by 4.3% in the third quarter. Natixis Advisors LLC now owns 50,528 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 2,068 shares during the period. Finally, Gladius Capital Management LP acquired a new position in shares of First BanCorp. in the third quarter valued at approximately $25,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 3.7 %

Shares of NYSE:FBP opened at $19.37 on Monday. First BanCorp. has a 52 week low of $16.24 and a 52 week high of $22.40. The company’s 50 day moving average is $19.63 and its two-hundred day moving average is $20.22. The company has a market cap of $3.17 billion, a PE ratio of 10.70, a P/E/G ratio of 1.34 and a beta of 1.14. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 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 period last year, the firm earned $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 firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.72%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s dividend payout ratio is 39.78%.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 45,797 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 186,543 shares in the company, valued at approximately $3,874,498.11. This represents a 19.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. 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 report on Friday, January 24th. Wells Fargo & Company reduced their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

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.