Connor Clark & Lunn Investment Management Ltd. Takes Position in First BanCorp. $FBP

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 65,924 shares of First BanCorp. valued at approximately $1,264,000, enhancing institutional investor ownership, which now stands at 97.91%.
• Wells Fargo increased its price target for First BanCorp. shares from $22.00 to $25.00, assigning an "overweight" rating, indicating positive sentiment towards the stock.
• First BanCorp. announced a quarterly dividend of $0.18 per share, leading to an annualized dividend yield of 3.4%, with a payout ratio of 38.30%.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of First BanCorp. (NYSE:FBP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 65,924 shares of the bank's stock, valued at approximately $1,264,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FBP. First Trust Advisors LP grew its holdings in First BanCorp. by 42.8% in the 4th quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock worth $90,558,000 after buying an additional 1,460,789 shares in the last quarter. Millennium Management LLC grew its holdings in First BanCorp. by 381.9% in the 4th quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after buying an additional 751,413 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in First BanCorp. in the 4th quarter worth approximately $8,264,000. Voloridge Investment Management LLC grew its holdings in First BanCorp. by 132.7% in the 4th quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank's stock worth $13,632,000 after buying an additional 418,168 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in First BanCorp. in the 4th quarter worth approximately $4,625,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

First BanCorp. Price Performance

FBP traded down $0.0150 during trading on Thursday, reaching $21.3550. The stock had a trading volume of 702,547 shares, compared to its average volume of 1,194,999. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.33 and a beta of 0.96. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.40. The stock has a 50 day moving average of $21.03 and a two-hundred day moving average of $19.98.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. The firm had revenue of $246.81 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm posted $0.46 earnings per share. As a group, equities analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders 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 yield of 3.4%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s dividend payout ratio is 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.