First BanCorp. (NYSE:FBP) Stake Lifted by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management significantly increased its stake in First BanCorp. by 3,703.7%, acquiring an additional 58,519 shares during the first quarter, bringing their total holdings to 60,099 shares worth approximately $1.15 million.
• First BanCorp. announced a quarterly dividend of $0.18, resulting in an annualized dividend yield of 3.44%, with the ex-dividend date set for August 28th.
• Analysts at Wells Fargo raised their price target for First BanCorp. from $22.00 to $25.00, giving the stock an "overweight" rating.

Picton Mahoney Asset Management grew its stake in First BanCorp. (NYSE:FBP - Free Report) by 3,703.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,099 shares of the bank's stock after buying an additional 58,519 shares during the period. Picton Mahoney Asset Management's holdings in First BanCorp. were worth $1,153,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its holdings in First BanCorp. by 54.0% during 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 during the period. Wells Fargo & Company MN increased its position in First BanCorp. by 28.7% during the fourth quarter. Wells Fargo & Company MN now owns 98,810 shares of the bank's stock worth $1,837,000 after buying an additional 22,012 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of 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 during the last quarter. Royce & Associates LP acquired a new position in shares of First BanCorp. in the first quarter worth $581,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $292,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Down 2.5%

FBP traded down $0.52 during trading hours on Friday, reaching $20.31. 1,385,711 shares of the stock traded hands, compared to its average volume of 1,114,780. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $22.40. The company has a market cap of $3.28 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 1.20 and a beta of 0.96. 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 firm's fifty day simple moving average is $20.81 and its two-hundred day simple moving average is $19.91.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (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 analyst estimates of $250.73 million. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. During the same quarter in the previous year, the firm earned $0.46 earnings per share. As a group, analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s payout ratio is presently 38.30%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company raised 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.

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.