Kennedy Capital Management LLC Lowers Stock Position in First BanCorp. (NYSE:FBP)

Kennedy Capital Management LLC cut its position in First BanCorp. (NYSE:FBP - Free Report) by 57.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 105,512 shares of the bank's stock after selling 139,997 shares during the quarter. Kennedy Capital Management LLC owned 0.06% of First BanCorp. worth $1,961,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in First BanCorp. by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank's stock worth $398,981,000 after purchasing an additional 63,304 shares in the last quarter. American Century Companies Inc. increased its position in shares of First BanCorp. by 1.2% in the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank's stock valued at $125,001,000 after purchasing an additional 78,129 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of First BanCorp. by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,462,862 shares of the bank's stock valued at $82,981,000 after purchasing an additional 76,256 shares in the last quarter. Norges Bank purchased a new stake in shares of First BanCorp. during the 4th quarter worth $35,275,000. Finally, Invesco Ltd. grew its stake in shares of First BanCorp. by 11.0% during the fourth quarter. Invesco Ltd. now owns 1,846,692 shares of the bank's stock worth $34,330,000 after purchasing an additional 182,754 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FBP. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. Wells Fargo & Company upgraded First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 target price for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.40.

First BanCorp. Stock Performance

Shares of FBP stock traded up $0.21 during mid-day trading on Friday, hitting $18.24. 1,366,843 shares of the stock were exchanged, compared to its average volume of 1,071,465. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 10.08, a P/E/G ratio of 1.34 and a beta of 0.90. The stock's fifty day simple moving average is $18.71 and its two-hundred day simple moving average is $19.59.

First BanCorp. (NYSE:FBP - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, analysts forecast 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 was paid on Friday, March 7th. Investors of record on Friday, February 21st were given a $0.18 dividend. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.95%. First BanCorp.'s dividend payout ratio is 39.78%.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the company's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the sale, the executive vice president now directly owns 176,222 shares of the company's stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by company insiders.

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.