Nuveen LLC Acquires Shares of 832,688 First BanCorp. $FBP

Key Points

• Nuveen LLC acquired 832,688 shares in First BanCorp. for approximately $15.96 million, increasing its stake to 0.51% as reported to the SEC.
• First BanCorp. announced a quarterly dividend of $0.18, representing an annual yield of 3.4%, with a payout ratio of 38.30%.
• Wells Fargo & Company raised its price target for First BanCorp. from $22.00 to $25.00 and rated the stock as "overweight," indicating positive growth expectations.

Nuveen LLC bought a new stake in First BanCorp. (NYSE:FBP - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 832,688 shares of the bank's stock, valued at approximately $15,963,000. Nuveen LLC owned about 0.51% of First BanCorp. at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in First BanCorp. by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock valued at $843,000 after buying an additional 15,412 shares during the period. Wells Fargo & Company MN lifted its stake in First BanCorp. by 28.7% in the fourth quarter. Wells Fargo & Company MN now owns 98,810 shares of the bank's stock valued at $1,837,000 after buying an additional 22,012 shares during the period. Quantinno Capital Management LP lifted its stake in First BanCorp. by 6.1% in the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock valued at $235,000 after buying an additional 730 shares during the period. Picton Mahoney Asset Management lifted its stake in First BanCorp. by 3,703.7% in the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock valued at $1,153,000 after buying an additional 58,519 shares during the period. Finally, Royce & Associates LP acquired a new position in First BanCorp. in the first quarter valued at approximately $581,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Stock Up 0.8%

Shares of NYSE:FBP traded up $0.18 during trading on Tuesday, reaching $22.35. 1,100,547 shares of the stock were exchanged, compared to its average volume of 1,168,629. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.50. The stock has a fifty day moving average of $21.20 and a two-hundred day moving average of $20.00. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.38 and a beta of 0.96.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The company had revenue of $246.81 million for the quarter, compared to analyst estimates of $250.73 million. During the same period in the prior year, the firm earned $0.46 earnings per share. Research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.'s dividend payout ratio is presently 38.30%.

Insider Buying and Selling at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at $23,627,898.10. This represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company boosted their price target on First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, First BanCorp. has a consensus rating of "Moderate Buy" and an average target price of $24.00.

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.