Xponance Inc. Sells 12,340 Shares of First BanCorp. (NYSE:FBP)

Xponance Inc. lessened its holdings in First BanCorp. (NYSE:FBP) by 51.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,607 shares of the bank’s stock after selling 12,340 shares during the period. Xponance Inc.’s holdings in First BanCorp. were worth $216,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after acquiring an additional 347,271 shares during the period. Geode Capital Management LLC raised its stake in shares of First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of First BanCorp. by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock worth $24,751,000 after buying an additional 16,432 shares during the last quarter. Principal Financial Group Inc. grew its position in First BanCorp. by 4.2% during the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after buying an additional 37,432 shares during the period. Finally, Intech Investment Management LLC increased its holdings in First BanCorp. by 267.2% during the fourth quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after buying an additional 513,063 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Stock Performance

NYSE FBP opened at $19.21 on Friday. The firm has a market cap of $3.15 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $19.59 and its 200-day moving average is $19.89. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating 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 business posted $0.46 EPS. Sell-side analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were issued a dividend of $0.18 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.75%. First BanCorp.’s dividend payout ratio is 39.78%.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the sale, the executive vice president now owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by corporate insiders.

First BanCorp. Company 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.