Principal Financial Group Inc. Has $18.28 Million Stock Holdings in First BanCorp. (NYSE:FBP)

Principal Financial Group Inc. boosted its stake in First BanCorp. (NYSE:FBP - Free Report) by 3.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 953,755 shares of the bank's stock after acquiring an additional 27,658 shares during the quarter. Principal Financial Group Inc. owned 0.58% of First BanCorp. worth $18,283,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MorganRosel Wealth Management LLC acquired a new stake in shares of First BanCorp. in the first quarter valued at approximately $96,000. Allspring Global Investments Holdings LLC grew its position in First BanCorp. by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock valued at $843,000 after purchasing an additional 15,412 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in First BanCorp. by 1.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 90,641 shares of the bank's stock valued at $1,738,000 after buying an additional 1,651 shares during the last quarter. Vicus Capital lifted its position in First BanCorp. by 16.2% during the 1st quarter. Vicus Capital now owns 12,539 shares of the bank's stock worth $240,000 after buying an additional 1,752 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its position in First BanCorp. by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank's stock worth $815,000 after buying an additional 693 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

NYSE FBP traded up $0.25 on Monday, hitting $22.28. 1,159,280 shares of the stock were exchanged, compared to its average volume of 1,114,231. The company has a market capitalization of $3.60 billion, a PE ratio of 12.11, a P/E/G 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. The business's fifty day moving average is $20.54 and its 200 day moving average is $19.63. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. First BanCorp. had a net margin of 24.46% and a return on equity of 18.22%. First BanCorp.'s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders 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 3.23%. First BanCorp.'s dividend payout ratio is 39.13%.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised their price objective on First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday.

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.