First BanCorp. (NYSE:FBP) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 35.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 166,418 shares of the bank's stock after selling 91,334 shares during the quarter. Assenagon Asset Management S.A. owned about 0.10% of First BanCorp. worth $3,190,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FBP. Picton Mahoney Asset Management increased its position in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after purchasing an additional 514 shares in the last quarter. Blue Trust Inc. grew its stake in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after buying an additional 542 shares during the period. Farther Finance Advisors LLC grew its stake in First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock worth $27,000 after buying an additional 703 shares during the period. Quantinno Capital Management LP increased its position in shares of First BanCorp. by 6.1% in the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock worth $235,000 after acquiring an additional 730 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in shares of First BanCorp. by 5.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank's stock valued at $315,000 after acquiring an additional 815 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Stock Up 0.7%

NYSE FBP traded up $0.13 on Wednesday, reaching $19.49. The company had a trading volume of 716,627 shares, compared to its average volume of 1,105,596. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.40. The firm has a 50-day moving average of $19.77 and a 200-day moving average of $19.46. The firm has a market capitalization of $3.15 billion, a PE ratio of 10.59, a P/E/G ratio of 1.31 and a beta of 0.94.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. The business had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. First BanCorp. had a net margin of 24.46% and a return on equity of 18.22%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 earnings per share. On average, equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 29th were given a $0.18 dividend. The ex-dividend date was Thursday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 3.69%. First BanCorp.'s payout ratio is currently 39.13%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upped their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, First BanCorp. currently has an average rating of "Moderate Buy" and a consensus target price of $22.80.

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.