Public Sector Pension Investment Board Has $11.38 Million Stock Holdings in First BanCorp. (NYSE:FBP)

Key Points

• The Public Sector Pension Investment Board increased its stake in First BanCorp. by 46.3% during the first quarter, now owning approximately 0.36% of the company worth about $11.38 million.
• Wells Fargo & Company has set a new price target for First BanCorp. shares, raising it from $22.00 to $25.00 and giving the stock an "overweight" rating.
• First BanCorp. recently announced a quarterly dividend of $0.18 per share, with a dividend yield of 3.4% and a payout ratio of 38.30%.

Public Sector Pension Investment Board boosted its holdings in First BanCorp. (NYSE:FBP - Free Report) by 46.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 593,587 shares of the bank's stock after purchasing an additional 187,871 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.36% of First BanCorp. worth $11,379,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. First Trust Advisors LP boosted its holdings in shares of First BanCorp. by 42.8% during the fourth quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank's stock valued at $90,558,000 after acquiring an additional 1,460,789 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of First BanCorp. by 10.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,685,588 shares of the bank's stock valued at $49,926,000 after purchasing an additional 248,335 shares in the last quarter. Northern Trust Corp raised its stake in shares of First BanCorp. by 10.5% during the fourth quarter. Northern Trust Corp now owns 2,622,843 shares of the bank's stock valued at $48,759,000 after purchasing an additional 248,272 shares in the last quarter. Invesco Ltd. raised its stake in shares of First BanCorp. by 11.0% during the fourth quarter. Invesco Ltd. now owns 1,846,692 shares of the bank's stock valued at $34,330,000 after purchasing an additional 182,754 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of First BanCorp. by 3.1% during the fourth quarter. Bank of America Corp DE now owns 1,671,029 shares of the bank's stock valued at $31,064,000 after purchasing an additional 50,091 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Performance

First BanCorp. stock traded down $0.41 during trading hours on Friday, reaching $21.11. 1,245,009 shares of the company were exchanged, compared to its average volume of 1,289,226. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 1.34 and a beta of 0.96. The stock has a 50-day moving average of $20.95 and a 200 day moving average of $19.96. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The business had revenue of $246.81 million during the quarter, compared to analyst estimates of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%. During the same period in the prior year, the company posted $0.46 earnings per share. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s dividend payout ratio is presently 38.30%.

Analyst Ratings Changes

Separately, Wells Fargo & Company boosted their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th.

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.