Voloridge Investment Management LLC Acquires 418,168 Shares of First BanCorp. (NYSE:FBP)

Voloridge Investment Management LLC grew its position in First BanCorp. (NYSE:FBP - Free Report) by 132.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 733,276 shares of the bank's stock after acquiring an additional 418,168 shares during the period. Voloridge Investment Management LLC owned about 0.45% of First BanCorp. worth $13,632,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN raised 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 acquiring an additional 22,012 shares during the last quarter. Quantinno Capital Management LP boosted its stake 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 valued at $235,000 after purchasing an additional 730 shares during the period. Principal Financial Group Inc. boosted its stake in First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank's stock valued at $17,216,000 after acquiring an additional 37,432 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First BanCorp. by 52.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank's stock valued at $1,149,000 after acquiring an additional 21,213 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of First BanCorp. during the fourth quarter worth $420,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

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

First BanCorp. Stock Down 0.6%

Shares of FBP stock traded down $0.12 during trading hours on Thursday, hitting $19.95. 484,954 shares of the company were exchanged, compared to its average volume of 1,099,298. The business has a 50 day moving average of $19.32 and a two-hundred day moving average of $19.58. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.40. The company has a market capitalization of $3.22 billion, a PE ratio of 11.00, a PEG ratio of 1.34 and a beta of 0.93.

First BanCorp. (NYSE:FBP - Get Free Report) last released 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 net margin of 24.37% and a return on equity of 18.89%. The business had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. During the same quarter last year, the firm earned $0.44 earnings per share. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, May 29th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Thursday, May 29th. First BanCorp.'s dividend payout ratio is currently 39.13%.

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.