Russell Investments Group Ltd. Has $8.06 Million Stock 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. boosted its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 26.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 420,456 shares of the bank's stock after purchasing an additional 86,779 shares during the period. Russell Investments Group Ltd. owned approximately 0.26% of First BanCorp. worth $8,060,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Xponance Inc. raised its holdings in First BanCorp. by 5.0% during the 1st quarter. Xponance Inc. now owns 12,191 shares of the bank's stock worth $234,000 after buying an additional 584 shares during the period. SummerHaven Investment Management LLC increased its position in shares of First BanCorp. by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 42,527 shares of the bank's stock worth $815,000 after acquiring an additional 693 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of First BanCorp. by 103.4% during the first quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank's stock valued at $27,000 after acquiring an additional 703 shares during the period. Covestor Ltd raised its holdings in shares of First BanCorp. by 19.6% during the first quarter. Covestor Ltd now owns 4,340 shares of the bank's stock valued at $83,000 after acquiring an additional 711 shares during the period. Finally, Quantinno Capital Management LP lifted its position in shares of First BanCorp. by 6.1% in the 4th quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank's stock valued at $235,000 after acquiring an additional 730 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Analysts Set New Price Targets

Separately, Wells Fargo & Company lifted their price objective 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. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $24.00.

First BanCorp. Stock Down 0.5%

Shares of NYSE:FBP traded down $0.1010 during trading on Monday, reaching $22.1490. 934,912 shares of the company traded hands, compared to its average volume of 1,168,835. The firm has a fifty day simple moving average of $21.14 and a 200 day simple moving average of $19.98. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.40. The firm has a market cap of $3.55 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 1.38 and a beta of 0.96.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company earned $0.46 earnings per share. Analysts anticipate that First BanCorp. will post 1.85 earnings per share 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. Stockholders of record on Thursday, August 28th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Thursday, August 28th. First BanCorp.'s payout ratio is currently 38.30%.

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.