Millennium Management LLC Has $29.30 Million Holdings in First BanCorp. $FBP

Key Points

• Millennium Management LLC has increased its stake in First BanCorp. by 61.2%, now owning 1,528,642 shares worth approximately $29.3 million.
• Insider trading details reveal CEO Aurelio Aleman sold 50,000 shares for $1.11 million, reducing his ownership by 4.51% to about $23.6 million.
• First BanCorp. announced a quarterly dividend of $0.18 per share, which will be paid on September 12th, reflecting an annualized yield of 3.3%.

Millennium Management LLC raised its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 61.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,528,642 shares of the bank's stock after acquiring an additional 580,489 shares during the quarter. Millennium Management LLC owned approximately 0.94% of First BanCorp. worth $29,304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FBP. Farther Finance Advisors LLC grew its stake in First BanCorp. by 103.4% during the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after acquiring an additional 703 shares in the last quarter. Quarry LP grew its stake in First BanCorp. by 191.2% during the 1st quarter. Quarry LP now owns 3,585 shares of the bank's stock valued at $69,000 after acquiring an additional 2,354 shares in the last quarter. Covestor Ltd grew its stake in First BanCorp. by 19.6% during the 1st quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after acquiring an additional 711 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in First BanCorp. during the 1st quarter valued at about $96,000. Finally, Perkins Coie Trust Co grew its stake in First BanCorp. by 10.0% during the 1st quarter. Perkins Coie Trust Co now owns 11,000 shares of the bank's stock valued at $211,000 after acquiring an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Insider Activity at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,059,547 shares in the company, valued at $23,627,898.10. The trade was a 4.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

First BanCorp. Stock Performance

FBP traded down $0.18 on Tuesday, hitting $21.47. The company had a trading volume of 742,647 shares, compared to its average volume of 878,357. The company's fifty day moving average price is $21.54 and its 200 day moving average price is $20.21. First BanCorp. has a 1-year low of $16.40 and a 1-year 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 stock has a market cap of $3.45 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 1.34 and a beta of 0.97.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its earnings results 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 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 analyst estimates of $250.73 million. During the same period in the previous year, the company earned $0.46 EPS. Equities analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.23 per share. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.3%. First BanCorp.'s payout ratio is 38.30%.

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.