Cubist Systematic Strategies LLC Makes New $8.26 Million Investment in First BanCorp. (NYSE:FBP)

Cubist Systematic Strategies LLC acquired a new stake in shares of First BanCorp. (NYSE:FBP - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 444,555 shares of the bank's stock, valued at approximately $8,264,000. Cubist Systematic Strategies LLC owned about 0.27% of First BanCorp. as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of the stock. Wells Fargo & Company MN raised its position in First BanCorp. by 28.7% during the fourth quarter. Wells Fargo & Company MN now owns 98,810 shares of the bank's stock valued at $1,837,000 after acquiring an additional 22,012 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock valued at $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of First BanCorp. in the 4th quarter valued at $4,792,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of First BanCorp. by 52.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank's stock valued at $1,149,000 after purchasing an additional 21,213 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in First BanCorp. during the fourth quarter worth $420,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Analyst Ratings Changes

FBP has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Wells Fargo & Company increased their price target on First BanCorp. from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, First BanCorp. currently has an average rating of "Moderate Buy" and an average price target of $22.80.

First BanCorp. Price Performance

Shares of FBP stock traded up $0.15 on Tuesday, reaching $20.96. 213,920 shares of the company were exchanged, compared to its average volume of 1,091,090. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.40. 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 business has a 50-day moving average price of $18.72 and a 200 day moving average price of $19.52. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.34 and a beta of 0.93.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The company had revenue of $248.13 million for the quarter, compared to analysts' expectations of $243.08 million. During the same period in the previous year, the firm posted $0.44 EPS. First BanCorp.'s revenue was up 7.6% compared to the same quarter last year. Equities research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be issued a $0.18 dividend. The ex-dividend date is Thursday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 3.44%. First BanCorp.'s payout ratio is 39.13%.

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.