First BanCorp. $FBP Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in First BanCorp. by 3.0%, acquiring an additional 201,674 shares, bringing its total ownership to 6,925,748 shares worth approximately $132.8 million.
• First BanCorp. recently declared a quarterly dividend of $0.18 per share, which will yield 3.4%, with the payout ratio currently at 38.30%.
• Wells Fargo & Company raised their target price for First BanCorp. from $22.00 to $25.00, maintaining an "overweight" rating on the stock, indicating positive growth expectations.

American Century Companies Inc. grew its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 3.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,925,748 shares of the bank's stock after acquiring an additional 201,674 shares during the period. American Century Companies Inc. owned about 4.25% of First BanCorp. worth $132,767,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Trust Advisors LP increased its holdings in First BanCorp. by 42.8% during the 4th quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock worth $90,558,000 after purchasing an additional 1,460,789 shares during the last quarter. Nuveen LLC acquired a new stake in shares of First BanCorp. during the first quarter worth approximately $15,963,000. Millennium Management LLC increased its stake in shares of First BanCorp. by 381.9% in the fourth quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after buying an additional 751,413 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in First BanCorp. in the fourth quarter valued at $8,264,000. Finally, Voloridge Investment Management LLC boosted its stake in First BanCorp. by 132.7% during the 4th quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank's stock valued at $13,632,000 after acquiring an additional 418,168 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

First BanCorp. stock traded up $0.0450 during mid-day trading on Wednesday, reaching $21.3850. The company's stock had a trading volume of 844,537 shares, compared to its average volume of 1,192,924. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40. The business has a 50 day moving average price of $20.99 and a 200-day moving average price of $19.96. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 1.32 and a beta of 0.96.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $250.73 million. During the same period last year, the firm posted $0.46 EPS. Sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s payout ratio is presently 38.30%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

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.