Frontier Capital Management Co. LLC Sells 20,414 Shares of First BanCorp. (NYSE:FBP)

Frontier Capital Management Co. LLC lessened its holdings in shares of First BanCorp. (NYSE:FBP - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,091,430 shares of the bank's stock after selling 20,414 shares during the quarter. Frontier Capital Management Co. LLC owned approximately 1.89% of First BanCorp. worth $57,470,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FBP. R Squared Ltd acquired a new position in First BanCorp. during the fourth quarter worth approximately $28,000. Picton Mahoney Asset Management increased its position in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after buying an additional 514 shares during the last quarter. Blue Trust Inc. increased its position in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after buying an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in First BanCorp. during the third quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC increased its position in First BanCorp. by 394.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock worth $70,000 after buying an additional 3,032 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Performance

Shares of NYSE:FBP traded up $0.70 during trading on Monday, reaching $20.78. 1,925,391 shares of the stock were exchanged, compared to its average volume of 1,094,554. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The firm has a market cap of $3.39 billion, a PE ratio of 11.48, a PEG ratio of 1.34 and a beta of 0.93. The stock has a 50-day moving average price of $18.68 and a 200-day moving average price of $19.50. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.04. The company had revenue of $248.13 million during the quarter, compared to analysts' expectations of $243.08 million. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The business's revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.44 earnings per share. Research analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Thursday, May 29th. First BanCorp.'s dividend payout ratio (DPR) is currently 39.13%.

Wall Street Analyst Weigh In

FBP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Wells Fargo & Company boosted their price objective on First BanCorp. from $20.00 to $22.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.80.

About First BanCorp.

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.