Hsbc Holdings PLC Raises Position in First BanCorp. (NYSE:FBP)

Hsbc Holdings PLC raised its holdings in First BanCorp. (NYSE:FBP - Free Report) by 179.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,862 shares of the bank's stock after buying an additional 62,879 shares during the period. Hsbc Holdings PLC owned about 0.06% of First BanCorp. worth $1,823,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Picton Mahoney Asset Management raised its position in shares of First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. lifted its position in shares of First BanCorp. by 31.9% during the 4th 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 boosted its holdings in shares of First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank's stock valued at $68,000 after buying an additional 544 shares in the last quarter. Summit Investment Advisors Inc. grew its position in shares of First BanCorp. by 5.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank's stock valued at $315,000 after buying an additional 815 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of First BanCorp. in the 4th quarter valued at $28,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wells Fargo & Company upped their target price on First BanCorp. from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of "Moderate Buy" and a consensus price target of $22.80.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction dated 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 owns 176,222 shares in the company, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

First BanCorp. Price Performance

Shares of First BanCorp. stock traded up $0.12 during trading on Wednesday, reaching $20.13. The company's stock had a trading volume of 117,745 shares, compared to its average volume of 1,224,361. The company has a market capitalization of $3.28 billion, a P/E ratio of 11.11, a price-to-earnings-growth ratio of 1.34 and a beta of 0.93. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.40. The business has a 50 day moving average price of $18.63 and a 200-day moving average price of $19.50. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $0.47 EPS for the quarter, topping the consensus estimate of $0.43 by $0.04. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The business had revenue of $248.13 million for the quarter, compared to analyst estimates of $243.08 million. During the same quarter in the previous year, the company earned $0.44 EPS. The company's quarterly revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Thursday, May 29th. This represents a $0.72 dividend on an annualized basis and a yield of 3.58%. First BanCorp.'s payout ratio is 39.13%.

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.