Charles Schwab Investment Management Inc. Reduces Position in First BanCorp. $FBP

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in First BanCorp. by 9.0%, selling 149,527 shares, and now holds approximately 1,504,821 shares valued at about $28.8 million.
• First BanCorp. recently reported $0.50 EPS for the quarter, exceeding estimates, while the company also announced a quarterly dividend of $0.18 per share, reflecting a 3.4% yield.
• Wells Fargo upgraded First BanCorp.'s price target from $22.00 to $25.00, and the stock currently has a consensus rating of "Moderate Buy" with a price target of $24.00.

Charles Schwab Investment Management Inc. cut its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 9.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,504,821 shares of the bank's stock after selling 149,527 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.92% of First BanCorp. worth $28,847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FBP. Millennium Management LLC raised its holdings in First BanCorp. by 381.9% during the fourth quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock valued at $17,626,000 after acquiring an additional 751,413 shares during the period. Cubist Systematic Strategies LLC bought a new stake in First BanCorp. during the fourth quarter valued at about $8,264,000. Voloridge Investment Management LLC boosted its holdings 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 purchasing an additional 418,168 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of First BanCorp. during the 4th quarter valued at about $4,625,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of First BanCorp. by 10.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,685,588 shares of the bank's stock valued at $49,926,000 after purchasing an additional 248,335 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

First BanCorp. Price Performance

Shares of First BanCorp. stock traded up $0.0050 during trading hours on Monday, reaching $22.2550. The company's stock had a trading volume of 29,270 shares, compared to its average volume of 1,183,206. The firm has a 50 day moving average price of $21.09 and a 200-day moving average price of $19.98. First BanCorp. has a one year low of $16.40 and a one year high of $22.40. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $3.57 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.38 and a beta of 0.96.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 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 firm had revenue of $246.81 million during the quarter, compared to analysts' expectations of $250.73 million. During the same period in the previous year, the company earned $0.46 EPS. On average, analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.2%. First BanCorp.'s payout ratio is currently 38.30%.

Analyst Upgrades and Downgrades

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

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.