Intech Investment Management LLC Acquires 38,403 Shares of First BanCorp. $FBP

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 raised its stake in shares of First BanCorp. (NYSE:FBP - Free Report) by 5.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 743,478 shares of the bank's stock after purchasing an additional 38,403 shares during the quarter. Intech Investment Management LLC owned 0.46% of First BanCorp. worth $14,252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in FBP. Farther Finance Advisors LLC boosted its holdings in First BanCorp. by 103.4% during 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 in the last quarter. Jones Financial Companies Lllp boosted its holdings in First BanCorp. by 328.8% during 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 in the last quarter. Quarry LP boosted its holdings in shares of First BanCorp. by 191.2% in the 1st quarter. Quarry LP now owns 3,585 shares of the bank's stock worth $69,000 after acquiring an additional 2,354 shares in the last quarter. Covestor Ltd boosted its holdings in shares of First BanCorp. by 19.6% in the 1st quarter. Covestor Ltd now owns 4,340 shares of the bank's stock worth $83,000 after acquiring an additional 711 shares in the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of First BanCorp. in the 1st quarter worth approximately $96,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, First BanCorp. presently has an average rating of "Moderate Buy" and an average price target of $24.00.

Insiders Place Their Bets

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction 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 approximately $23,627,898.10. The trade was a 4.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by company insiders.

First BanCorp. Trading Down 1.4%

FBP stock traded down $0.32 during trading on Friday, hitting $21.73. The company had a trading volume of 643,733 shares, compared to its average volume of 906,836. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average price of $21.54 and a 200-day moving average price of $20.17. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.60. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 1.37 and a beta of 0.97.

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

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.3%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s payout ratio is 38.30%.

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.