Summit Global Investments Sells 20,265 Shares of First BanCorp. (NYSE:FBP)

Summit Global Investments lessened its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 32.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,503 shares of the bank's stock after selling 20,265 shares during the period. Summit Global Investments' holdings in First BanCorp. were worth $815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC lifted its position in First BanCorp. by 106.1% in the third quarter. Barclays PLC now owns 367,445 shares of the bank's stock worth $7,779,000 after purchasing an additional 189,148 shares during the period. Blue Trust Inc. lifted its position in First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after purchasing an additional 542 shares during the period. KBC Group NV lifted its position in First BanCorp. by 61.7% in the fourth quarter. KBC Group NV now owns 8,464 shares of the bank's stock worth $157,000 after purchasing an additional 3,230 shares during the period. R Squared Ltd bought a new position in First BanCorp. in the fourth quarter worth $28,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in First BanCorp. in the fourth quarter worth $420,000. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Price Performance

Shares of NYSE FBP traded up $0.22 during midday trading on Tuesday, reaching $20.15. 1,012,441 shares of the company traded hands, compared to its average volume of 1,108,719. The firm has a market cap of $3.26 billion, a PE ratio of 11.13, a PEG ratio of 1.34 and a beta of 0.93. The stock's 50-day simple moving average is $19.36 and its 200-day simple moving average is $19.52. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The company had revenue of $248.13 million during the quarter, compared to analyst estimates of $243.08 million. During the same period last year, the company posted $0.44 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, May 29th. First BanCorp.'s dividend payout ratio (DPR) is currently 39.13%.

Analyst Ratings Changes

Separately, Wells Fargo & Company raised their target price on First BanCorp. from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, First BanCorp. has a consensus rating of "Moderate Buy" and a consensus price target of $22.80.

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.