Russell Investments Group Ltd. Has $8.06 Million Position in First BanCorp. $FBP

Key Points

• Russell Investments Group Ltd. increased its stake in First BanCorp. by 26.0%, acquiring an additional 86,779 shares, bringing their total ownership to 420,456 shares valued at approximately $8,060,000.
• Wells Fargo updated its target price for First BanCorp. from $22.00 to $25.00, maintaining an "overweight" rating, while the stock holds an average rating of "Moderate Buy" with a target price of $24.00.
• First BanCorp. declared a quarterly dividend of $0.18 per share, representing an annualized yield of 3.4%, with the ex-dividend date set for August 28th.

Russell Investments Group Ltd. raised its holdings in First BanCorp. (NYSE:FBP - Free Report) by 26.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 420,456 shares of the bank's stock after acquiring an additional 86,779 shares during the period. Russell Investments Group Ltd. owned about 0.26% of First BanCorp. worth $8,060,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of First BanCorp. by 10.2% in the 4th 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 grew 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 worth $48,759,000 after buying an additional 248,272 shares during the last quarter. Bank of America Corp DE grew 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 worth $31,064,000 after buying an additional 50,091 shares during the last quarter. LSV Asset Management increased its holdings in shares of First BanCorp. by 6.1% during the first quarter. LSV Asset Management now owns 1,592,504 shares of the bank's stock worth $30,528,000 after buying an additional 91,954 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of First BanCorp. by 3.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,208,262 shares of the bank's stock valued at $22,462,000 after acquiring an additional 39,094 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

First BanCorp. Trading Up 4.1%

NYSE:FBP traded up $0.8840 during trading hours on Friday, hitting $22.2740. 1,282,171 shares of the company were exchanged, compared to its average volume of 1,171,382. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 1.33 and a beta of 0.96. First BanCorp. has a one year low of $16.40 and a one year high of $22.40. The company has a fifty day simple moving average of $21.09 and a 200 day simple moving average of $19.99. 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 quarterly earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating 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 company had revenue of $246.81 million during the quarter, compared to analysts' expectations of $250.73 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

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

Analyst Ratings Changes

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

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.