13,376 Shares in First BanCorp. $FBP Purchased by Financiere des Professionnels Fonds d investissement inc.

Key Points

• Financiere des Professionnels Fonds d investissement inc. has acquired a stake in First BanCorp., purchasing 13,376 shares valued at approximately $279,000 during the second quarter.
• Wells Fargo & Company has increased its price target for First BanCorp. from $22.00 to $25.00 and has rated the stock as "overweight," with most analysts giving it a "Moderate Buy" rating.
• First BanCorp. recently announced a quarterly dividend increase to $0.23 per share, reflecting an annualized dividend of $0.92 and a yield of 4.1%.

Financiere des Professionnels Fonds d investissement inc. purchased a new position in First BanCorp. (NYSE:FBP - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,376 shares of the bank's stock, valued at approximately $279,000.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in First BanCorp. by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock worth $843,000 after acquiring an additional 15,412 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in 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. Picton Mahoney Asset Management boosted its holdings in First BanCorp. by 3,703.7% in the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock worth $1,153,000 after acquiring an additional 58,519 shares in the last quarter. Royce & Associates LP bought a new stake in First BanCorp. in the first quarter worth $581,000. Finally, Point72 Asset Management L.P. bought a new stake in First BanCorp. in the fourth quarter worth $292,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Performance

FBP stock traded up $0.10 during trading on Tuesday, reaching $22.17. The stock had a trading volume of 133,665 shares, compared to its average volume of 1,165,701. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. The stock's 50 day moving average is $21.54 and its two-hundred day moving average is $20.31. The firm has a market cap of $3.56 billion, a PE ratio of 11.79, a PEG ratio of 1.37 and a beta of 0.97. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.60.

First BanCorp. (NYSE:FBP - Get Free Report) last issued 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. The business had revenue of $246.81 million during 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 quarter in the prior year, the business posted $0.46 earnings per share. As a group, equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Shareholders of record on Tuesday, September 30th will be given a $0.23 dividend. This is a boost from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 dividend on an annualized basis and a yield of 4.1%. First BanCorp.'s dividend payout ratio is presently 38.30%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company boosted their target price on First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Three investment 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

Insider Buying and Selling

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

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.