12,233 Shares in First BanCorp. $FBP Bought by Baron Wealth Management LLC

Key Points

• Baron Wealth Management LLC invested approximately $255,000 to acquire 12,233 shares of First BanCorp. (NYSE:FBP) during the second quarter.
• The bank reported earnings of $0.50 per share, surpassing analyst estimates, while revenue for the quarter was $246.81 million, slightly below expectations.
• First BanCorp. also announced an increase in its quarterly dividend to $0.23 per share, representing a yield of 4.2%, up from the previous $0.18.

Baron Wealth Management LLC bought a new stake in First BanCorp. (NYSE:FBP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,233 shares of the bank's stock, valued at approximately $255,000.

A number of other hedge funds have also modified their holdings of FBP. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of First BanCorp. in the 2nd quarter valued at about $279,000. Range Financial Group LLC boosted its position in First BanCorp. by 3.6% in the second quarter. Range Financial Group LLC now owns 94,006 shares of the bank's stock valued at $1,958,000 after buying an additional 3,230 shares in the last quarter. Voya Investment Management LLC lifted its holdings in First BanCorp. by 4.1% in the first quarter. Voya Investment Management LLC now owns 686,326 shares of the bank's stock valued at $13,157,000 after buying an additional 27,274 shares during the period. Strs Ohio acquired a new position in First BanCorp. during the first quarter worth $236,000. Finally, Intech Investment Management LLC lifted its stake in shares of First BanCorp. by 5.4% during the 1st quarter. Intech Investment Management LLC now owns 743,478 shares of the bank's stock worth $14,252,000 after buying an additional 38,403 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wells Fargo & Company boosted their target price 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 equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, First BanCorp. presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

Insider Buying and Selling

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the 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 owned 1,059,547 shares of the company's stock, valued at $23,627,898.10. This trade represents a 4.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by corporate insiders.

First BanCorp. Trading Down 0.8%

Shares of FBP traded down $0.18 during trading hours on Friday, hitting $22.06. 2,730,103 shares of the stock were exchanged, compared to its average volume of 902,039. The firm has a market capitalization of $3.54 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.37 and a beta of 0.97. 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 fifty-two week low of $16.40 and a fifty-two week high of $22.60. The business has a 50-day moving average of $21.55 and a 200-day moving average of $20.27.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 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 business had revenue of $246.81 million during the quarter, compared to analyst estimates of $250.73 million. During the same period in the prior year, the business earned $0.46 EPS. On average, research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 25th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.2%. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. First BanCorp.'s payout ratio is presently 38.30%.

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.