Wellington Management Group LLP Takes Position in First BanCorp. $FBP

Key Points

• Wellington Management Group LLP acquired a new stake in First BanCorp., purchasing 1,478,539 shares valued at approximately $28,344,000, representing 0.91% ownership of the company.
• Wells Fargo & Company raised the target price on First BanCorp. from $22.00 to $25.00 and assigned an "overweight" rating, while the stock currently holds a consensus rating of "Moderate Buy" with a target of $24.00.
• First BanCorp. announced a quarterly dividend of $0.18, representing a 3.2% dividend yield, with a payout ratio of 38.30% scheduled for payment on September 12th.

Wellington Management Group LLP acquired a new stake in shares of First BanCorp. (NYSE:FBP - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 1,478,539 shares of the bank's stock, valued at approximately $28,344,000. Wellington Management Group LLP owned 0.91% of First BanCorp. as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. American Century Companies Inc. raised its stake in shares of First BanCorp. by 3.0% during the 1st quarter. American Century Companies Inc. now owns 6,925,748 shares of the bank's stock valued at $132,767,000 after purchasing an additional 201,674 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of First BanCorp. by 10.2% during 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 during the period. Northern Trust Corp raised its stake in shares of First BanCorp. by 10.5% during the 4th 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 during the period. Lord Abbett & CO. LLC raised its stake in shares of First BanCorp. by 1.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,761,893 shares of the bank's stock valued at $33,775,000 after purchasing an additional 24,925 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of First BanCorp. by 3.1% during the 4th 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 during the period. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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 research note on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, First BanCorp. presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $22.2740 on Monday. 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 firm has a market capitalization of $3.57 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 1.38 and a beta of 0.96. The business's 50-day moving average price is $21.09 and its 200-day moving average price is $19.98. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its 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 period in the prior year, the business posted $0.46 EPS. Sell-side analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

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

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.

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