The Manufacturers Life Insurance Company Sells 2,163 Shares of First BanCorp. (NYSE:FBP)

The Manufacturers Life Insurance Company trimmed its position in shares of First BanCorp. (NYSE:FBP) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,954 shares of the bank’s stock after selling 2,163 shares during the period. The Manufacturers Life Insurance Company’s holdings in First BanCorp. were worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Picton Mahoney Asset Management boosted its holdings 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 holdings in shares of First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after acquiring an additional 542 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in shares of First BanCorp. by 17.3% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after acquiring an additional 544 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of First BanCorp. by 5.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank’s stock worth $315,000 after acquiring an additional 815 shares during the period. Finally, R Squared Ltd bought a new position in shares of First BanCorp. in the fourth quarter worth $28,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Trading Up 3.5%

Shares of FBP stock opened at $20.78 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40. The company has a market capitalization of $3.39 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 1.34 and a beta of 0.93. The business’s fifty day moving average is $18.72 and its 200 day moving average is $19.52.

First BanCorp. (NYSE:FBP) 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. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. The company had revenue of $248.13 million for the quarter, compared to the consensus estimate of $243.08 million. During the same quarter last year, the business posted $0.44 earnings per share. The firm’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal 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 given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.46%. First BanCorp.’s dividend payout ratio (DPR) is presently 39.13%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FBP shares. Wells Fargo & Company raised their price target on First BanCorp. from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.80.

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.