Ameriprise Financial Inc. Lowers Stake in First BanCorp. (NYSE:FBP)

Ameriprise Financial Inc. lessened its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 751,059 shares of the bank's stock after selling 69,822 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.46% of First BanCorp. worth $13,962,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. R Squared Ltd purchased a new position in shares of First BanCorp. in the fourth quarter worth about $28,000. Picton Mahoney Asset Management raised its holdings in First BanCorp. by 48.2% in the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock valued at $29,000 after acquiring an additional 514 shares during the last quarter. Blue Trust Inc. raised its holdings in First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock worth $68,000 after purchasing an additional 544 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock worth $70,000 after purchasing an additional 3,032 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

First BanCorp. Trading Down 0.5%

Shares of NYSE FBP traded down $0.10 during midday trading on Friday, reaching $20.04. 85,746 shares of the stock were exchanged, compared to its average volume of 1,094,485. The stock has a market capitalization of $3.24 billion, a P/E ratio of 11.07, a PEG ratio of 1.34 and a beta of 0.93. 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 company has a 50 day simple moving average of $19.17 and a 200 day simple moving average of $19.59. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its earnings results 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 during the quarter, compared to analysts' expectations of $243.08 million. During the same quarter last year, the firm earned $0.44 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.72 annualized dividend and a yield of 3.59%. First BanCorp.'s dividend payout ratio (DPR) is currently 39.13%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FBP. Wells Fargo & Company increased their price target on First BanCorp. from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $22.80.

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.