Algert Global LLC Increases Stock Position in First BanCorp. $FBP

Key Points

• Algert Global LLC increased its holdings in First BanCorp. by 13.9% during the first quarter, owning 781,596 shares valued at approximately $14.98 million.
• First BanCorp. reported earnings of $0.50 per share, exceeding expectations, with a revenue of $246.81 million for the recent quarter.
• The company announced a quarterly dividend of $0.18 per share, yielding 3.4%, which will be paid on September 12th.

Algert Global LLC increased its position in First BanCorp. (NYSE:FBP - Free Report) by 13.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 781,596 shares of the bank's stock after buying an additional 95,400 shares during the period. First BanCorp. comprises 0.4% of Algert Global LLC's portfolio, making the stock its 24th largest holding. Algert Global LLC owned approximately 0.48% of First BanCorp. worth $14,983,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FBP. Farther Finance Advisors LLC raised its position in shares of First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after buying an additional 703 shares during the last quarter. Federated Hermes Inc. raised its position in shares of First BanCorp. by 919.3% in the fourth quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock valued at $75,000 after buying an additional 3,659 shares during the last quarter. Covestor Ltd raised its position in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after buying an additional 711 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of First BanCorp. by 806.0% in the fourth quarter. Sterling Capital Management LLC now owns 4,711 shares of the bank's stock valued at $88,000 after buying an additional 4,191 shares during the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of First BanCorp. in the first quarter valued at approximately $96,000. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

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

First BanCorp. Trading Up 4.3%

First BanCorp. stock traded up $0.9250 during trading on Friday, reaching $22.3150. The company had a trading volume of 365,095 shares, compared to its average volume of 1,184,570. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.40. The stock's 50 day moving average price is $21.03 and its two-hundred day moving average price is $19.98. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 1.33 and a beta of 0.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The company had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. During the same period in the previous year, the firm earned $0.46 earnings per share. As a group, equities analysts expect 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, September 12th. Shareholders of record on Thursday, August 28th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.2%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s payout ratio is currently 38.30%.

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.