First BanCorp. $FBP Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its stake in First BanCorp. by 5.4%, acquiring a total of 743,478 shares valued at approximately $14.25 million according to a recent SEC filing.
• CEO Aurelio Aleman sold 50,000 shares of First BanCorp., which represented a 4.51% decrease in his ownership, impacting his total shares to 1,059,547 valued at around $23.63 million.
• First BanCorp. announced a quarterly dividend of $0.18 per share, yielding 3.3%, with the payment date set for September 12th for stockholders of record on August 28th.

Intech Investment Management LLC increased its holdings in First BanCorp. (NYSE:FBP - Free Report) by 5.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 743,478 shares of the bank's stock after purchasing an additional 38,403 shares during the period. Intech Investment Management LLC owned 0.46% of First BanCorp. worth $14,252,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBP. Farther Finance Advisors LLC grew its position in shares of First BanCorp. by 103.4% in the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after purchasing an additional 703 shares during the period. Jones Financial Companies Lllp grew its position in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares during the period. Quarry LP grew its position in shares of First BanCorp. by 191.2% in the first quarter. Quarry LP now owns 3,585 shares of the bank's stock valued at $69,000 after purchasing an additional 2,354 shares during the period. Covestor Ltd grew its position in shares of First BanCorp. by 19.6% in the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after purchasing an additional 711 shares during the period. Finally, MorganRosel Wealth Management LLC purchased a new stake in First BanCorp. during the first quarter valued at about $96,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Buying and Selling at First BanCorp.

In other 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 of the company's stock, 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 Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

First BanCorp. Trading Down 0.0%

FBP stock traded down $0.01 during trading on Monday, reaching $21.75. 259,159 shares of the stock traded hands, compared to its average volume of 1,164,873. The business's 50 day moving average price is $21.54 and its 200-day moving average price is $20.19. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.60. 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 has a market capitalization of $3.49 billion, a PE ratio of 11.56, a P/E/G ratio of 1.35 and a beta of 0.97.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.The firm had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, sell-side analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be given a $0.23 dividend. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a dividend yield of 4.2%. First BanCorp.'s dividend payout ratio is presently 38.30%.

Wall Street Analysts Forecast Growth

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

First BanCorp. 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.