LPL Financial LLC Raises Stock Position in First BanCorp. (NYSE:FBP)

LPL Financial LLC grew its stake in First BanCorp. (NYSE:FBP - Free Report) by 128.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,897 shares of the bank's stock after purchasing an additional 23,567 shares during the period. LPL Financial LLC's holdings in First BanCorp. were worth $779,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd purchased a new stake in First BanCorp. during the fourth quarter worth $28,000. Picton Mahoney Asset Management raised its position in shares of First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock worth $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. boosted its stake 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 acquiring an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of First BanCorp. during the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock valued at $70,000 after purchasing an additional 3,032 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on FBP shares. Wells Fargo & Company raised First BanCorp. from an "equal weight" rating to an "overweight" rating and set a $20.00 price objective on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, January 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.40.

First BanCorp. Price Performance

Shares of FBP traded down $0.34 during trading hours on Friday, hitting $19.24. 1,138,926 shares of the stock were exchanged, compared to its average volume of 1,079,975. The stock's 50-day moving average price is $18.57 and its two-hundred day moving average price is $19.56. 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 company has a market cap of $3.14 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million for the quarter, compared to analysts' expectations of $243.08 million. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. Research analysts expect that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 29th will be issued 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 3.74%. First BanCorp.'s payout ratio is 39.78%.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 45,797 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the sale, the executive vice president now owns 186,543 shares of the company's stock, valued at approximately $3,874,498.11. This represents a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 2.50% of the company's stock.

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.