Voya Investment Management LLC Boosts Stake in First BanCorp. $FBP

Key Points

• Voya Investment Management LLC has increased its stake in First BanCorp. by 4.1%, owning 686,326 shares valued at $13.16 million as of its latest SEC filing.
• First BanCorp. declared a quarterly dividend of $0.23 per share, up from $0.18, reflecting a 4.3% yield and a payout ratio of 38.30%.
• Wells Fargo & Company raised its target price for First BanCorp. shares from $22.00 to $25.00 and assigned an "overweight" rating, with a consensus price target now at $24.00.

Voya Investment Management LLC grew its holdings in First BanCorp. (NYSE:FBP - Free Report) by 4.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 686,326 shares of the bank's stock after acquiring an additional 27,274 shares during the period. Voya Investment Management LLC owned about 0.42% of First BanCorp. worth $13,157,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of First BanCorp. by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 43,957 shares of the bank's stock valued at $843,000 after acquiring an additional 15,412 shares during the last quarter. Quantinno Capital Management LP boosted its holdings 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 during the last quarter. Picton Mahoney Asset Management boosted its holdings in First BanCorp. by 3,703.7% during the first quarter. Picton Mahoney Asset Management now owns 60,099 shares of the bank's stock worth $1,153,000 after buying an additional 58,519 shares in the last quarter. Royce & Associates LP purchased a new stake in First BanCorp. during the first quarter worth $581,000. Finally, Point72 Asset Management L.P. purchased a new stake in First BanCorp. during the fourth quarter worth $292,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

NYSE:FBP traded down $0.18 during trading hours on Friday, reaching $22.06. 772,704 shares of the company were exchanged, compared to its average volume of 1,161,189. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. The stock's 50-day moving average is $21.55 and its 200-day moving average is $20.24. The firm has a market cap of $3.54 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 1.35 and a beta of 0.97. First BanCorp. has a twelve month low of $16.40 and a twelve month high of $22.60.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. The company had revenue of $246.81 million during the quarter, compared to analysts' expectations 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 business posted $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be paid a $0.23 dividend. This is an increase from First BanCorp.'s previous quarterly dividend of $0.18. This represents a $0.92 annualized dividend and a dividend yield of 4.2%. First BanCorp.'s dividend payout ratio (DPR) is currently 38.30%.

Analysts Set New Price Targets

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

Insider Buying and Selling at First BanCorp.

In other news, CEO Aurelio Aleman sold 50,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the transaction, the chief executive officer directly owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This trade represents a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company's stock.

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.