Strs Ohio Makes New Investment in First BanCorp. $FBP

Key Points

• Strs Ohio has acquired a new position in First BanCorp., purchasing 12,300 shares valued at approximately $236,000 in the first quarter of the year.
• The recent dividend increase has raised First BanCorp.'s quarterly dividend from $0.18 to $0.23 per share, representing a yield of 4.2% on an annualized basis.
• Wells Fargo upgraded its price objective for First BanCorp.'s shares from $22.00 to $25.00, indicating strong analyst confidence with a current average rating of "Moderate Buy."

Strs Ohio acquired a new position in First BanCorp. (NYSE:FBP - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,300 shares of the bank's stock, valued at approximately $236,000.

A number of other institutional investors have also added to or reduced their stakes in FBP. Wellington Management Group LLP bought a new stake in First BanCorp. in the 1st quarter worth about $28,344,000. Nuveen LLC bought a new stake in First BanCorp. in the 1st quarter worth about $15,963,000. Millennium Management LLC grew its position in First BanCorp. by 61.2% in the 1st quarter. Millennium Management LLC now owns 1,528,642 shares of the bank's stock worth $29,304,000 after purchasing an additional 580,489 shares in the last quarter. Jane Street Group LLC grew its position in First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock worth $8,249,000 after purchasing an additional 402,488 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in First BanCorp. in the 4th quarter worth about $4,625,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company upped 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $24.00.

First BanCorp. Stock Up 0.7%

First BanCorp. stock opened at $22.14 on Thursday. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.60. The firm has a 50 day moving average price of $21.56 and a 200-day moving average price of $20.33. The company has a market capitalization of $3.55 billion, a P/E ratio of 11.78, a P/E/G ratio of 1.36 and a beta of 0.97. 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. (NYSE:FBP - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.03. The firm had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. During the same period in the prior year, the firm earned $0.46 EPS. As a group, equities analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.23 per share. This is a boost from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.2%. First BanCorp.'s dividend payout ratio is presently 38.30%.

Insider Activity at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the sale, the chief executive officer directly owned 1,059,547 shares in the company, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company's stock.

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.

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