LSV Asset Management Reduces Stock Position in First BanCorp. (NYSE:FBP)

LSV Asset Management trimmed its stake in First BanCorp. (NYSE:FBP - Free Report) by 5.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,500,550 shares of the bank's stock after selling 87,192 shares during the period. LSV Asset Management owned approximately 0.92% of First BanCorp. worth $27,895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verition Fund Management LLC purchased a new position in shares of First BanCorp. during the third quarter worth about $257,000. State Street Corp grew its stake in First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank's stock worth $194,630,000 after buying an additional 347,271 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in First BanCorp. during the third quarter worth approximately $2,607,000. Barclays PLC lifted its stake in First BanCorp. by 106.1% in the third quarter. Barclays PLC now owns 367,445 shares of the bank's stock valued at $7,779,000 after buying an additional 189,148 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank's stock valued at $92,879,000 after acquiring an additional 112,432 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the completion of the transaction, the executive vice president now owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.50% of the company's stock.

First BanCorp. Stock Performance

NYSE FBP traded up $0.15 on Thursday, hitting $18.18. 452,914 shares of the company's stock were exchanged, compared to its average volume of 1,067,136. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The firm's 50-day moving average price is $18.81 and its two-hundred day moving average price is $19.63. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 10.06, a P/E/G ratio of 1.34 and a beta of 0.90. First BanCorp. has a fifty-two week low of $16.25 and a fifty-two week high of $22.40.

First BanCorp. (NYSE:FBP - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a $0.18 dividend. This is a positive change 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 3.96%. First BanCorp.'s dividend payout ratio is 39.78%.

Analyst Upgrades and Downgrades

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

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.