Principal Financial Group Inc. Acquires 27,658 Shares of First BanCorp. (NYSE:FBP)

Principal Financial Group Inc. boosted its position in First BanCorp. (NYSE:FBP - Free Report) by 3.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 953,755 shares of the bank's stock after buying an additional 27,658 shares during the period. Principal Financial Group Inc. owned approximately 0.58% of First BanCorp. worth $18,283,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted 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 purchasing an additional 703 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock valued at $29,000 after purchasing an additional 514 shares during the last quarter. Federated Hermes Inc. boosted its stake in First BanCorp. by 919.3% during the 4th quarter. Federated Hermes Inc. now owns 4,057 shares of the bank's stock valued at $75,000 after purchasing an additional 3,659 shares during the last quarter. Sterling Capital Management LLC boosted its stake in First BanCorp. by 806.0% during the 4th quarter. Sterling Capital Management LLC now owns 4,711 shares of the bank's stock valued at $88,000 after purchasing an additional 4,191 shares during the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new position in First BanCorp. during the 1st quarter valued at about $96,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Performance

Shares of NYSE FBP traded up $0.19 during midday trading on Friday, reaching $22.00. The company's stock had a trading volume of 1,184,323 shares, compared to its average volume of 1,112,540. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.40. The firm has a 50 day moving average price of $20.54 and a 200-day moving average price of $19.62. The stock has a market capitalization of $3.55 billion, a P/E ratio of 11.96, a PEG ratio of 1.48 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.81 and a quick ratio of 0.81.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, beating the consensus estimate of $0.43 by $0.04. First BanCorp. had a return on equity of 18.22% and a net margin of 24.46%. The business had revenue of $248.13 million for the quarter, compared to the consensus estimate of $243.08 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. First BanCorp.'s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 29th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.72 annualized dividend and a yield of 3.27%. First BanCorp.'s payout ratio is 39.13%.

Wall Street Analysts Forecast Growth

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 research note on Thursday.

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.