Price T Rowe Associates Inc. MD Increases Stock Position in First BanCorp. $FBP

Key Points

• Price T Rowe Associates Inc. MD has increased its position in First BanCorp. by 3.2%, now owning 2,770,605 shares valued at approximately $53.1 million.
• First BanCorp. recently declared a quarterly dividend of $0.18, resulting in an annualized dividend of $0.72 and a yield of 3.2%.
• Wells Fargo raised First BanCorp.'s price target from $22.00 to $25.00, maintaining an "overweight" rating, with three analysts recommending a "Buy" and one a "Hold."

Price T Rowe Associates Inc. MD increased its position in shares of First BanCorp. (NYSE:FBP - Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,770,605 shares of the bank's stock after buying an additional 85,017 shares during the period. Price T Rowe Associates Inc. MD owned 1.70% of First BanCorp. worth $53,113,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FBP. Wellington Management Group LLP purchased a new stake in First BanCorp. during the first quarter worth $28,344,000. Nuveen LLC purchased a new position in First BanCorp. during the first quarter valued at $15,963,000. Millennium Management LLC lifted its holdings in First BanCorp. by 381.9% during the fourth quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock valued at $17,626,000 after purchasing an additional 751,413 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in First BanCorp. during the fourth quarter valued at $8,264,000. Finally, Voloridge Investment Management LLC lifted its holdings in First BanCorp. by 132.7% during the fourth quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank's stock valued at $13,632,000 after purchasing an additional 418,168 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

FBP opened at $22.35 on Wednesday. The firm's fifty day simple moving average is $21.20 and its two-hundred day simple moving average is $20.00. 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 company has a market cap of $3.59 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.38 and a beta of 0.96. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.50.

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 for the quarter, topping the consensus estimate of $0.47 by $0.03. The firm had revenue of $246.81 million for the quarter, compared to the consensus estimate of $250.73 million. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. During the same period last year, the firm posted $0.46 earnings per share. Equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.'s dividend payout ratio (DPR) is currently 38.30%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company's stock.

About First BanCorp.

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.

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