First BanCorp. $FBP Shares Acquired by Capital Fund Management S.A.

Key Points

• Capital Fund Management S.A. increased its stake in First BanCorp by 264.6%, purchasing an additional 30,898 shares, bringing its total holdings to 42,577 shares valued at $816,000.
• First BanCorp recently announced a $0.18 quarterly dividend, representing a 3.2% yield, with investors of record to be issued the dividend on September 12th.
• Wells Fargo previously raised its price target for First BanCorp from $22.00 to $25.00, with analysts maintaining an average rating of "Moderate Buy."

Capital Fund Management S.A. raised its position in First BanCorp. (NYSE:FBP - Free Report) by 264.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,577 shares of the bank's stock after buying an additional 30,898 shares during the period. Capital Fund Management S.A.'s holdings in First BanCorp. were worth $816,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Wellington Management Group LLP acquired a new position in shares of First BanCorp. in the first quarter worth about $28,344,000. Nuveen LLC purchased a new stake in First BanCorp. during the 1st quarter worth approximately $15,963,000. Millennium Management LLC increased its holdings in First BanCorp. by 381.9% during the 4th quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after purchasing an additional 751,413 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of First BanCorp. in the 4th quarter valued at approximately $8,264,000. Finally, Voloridge Investment Management LLC boosted its stake in shares of 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 buying an additional 418,168 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP traded up $0.09 during mid-day trading on Friday, hitting $22.23. The stock had a trading volume of 968,003 shares, compared to its average volume of 1,136,015. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.60. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17. The company has a market cap of $3.57 billion, a PE ratio of 11.82, a PEG ratio of 1.37 and a beta of 0.96. The company's fifty day simple moving average is $21.36 and its two-hundred day simple moving average is $20.04.

First BanCorp. (NYSE:FBP - Get Free Report) last announced 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. The firm had revenue of $246.81 million for the quarter, compared to analysts' expectations of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.During the same period last year, the business posted $0.46 earnings per share. On average, equities analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s dividend payout ratio (DPR) is presently 38.30%.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of First BanCorp. stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. The trade was a 4.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

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

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.