Picton Mahoney Asset Management Raises Holdings in First BanCorp. (NYSE:FBP)

Picton Mahoney Asset Management increased its position in First BanCorp. (NYSE:FBP) by 3,703.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 60,099 shares of the bank’s stock after buying an additional 58,519 shares during the period. Picton Mahoney Asset Management’s holdings in First BanCorp. were worth $1,153,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FBP. Farther Finance Advisors LLC raised its position in shares of First BanCorp. by 103.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,383 shares of the bank’s stock worth $27,000 after buying an additional 703 shares during the period. Federated Hermes Inc. raised its position in First BanCorp. by 919.3% in the fourth quarter. Federated Hermes Inc. now owns 4,057 shares of the bank’s stock valued at $75,000 after purchasing an additional 3,659 shares during the period. Sterling Capital Management LLC raised its position in First BanCorp. by 806.0% in the fourth quarter. Sterling Capital Management LLC now owns 4,711 shares of the bank’s stock valued at $88,000 after purchasing an additional 4,191 shares during the period. MorganRosel Wealth Management LLC purchased a new position in First BanCorp. in the first quarter valued at about $96,000. Finally, New Age Alpha Advisors LLC purchased a new position in First BanCorp. in the fourth quarter valued at about $168,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Trading Down 1.6%

NYSE:FBP opened at $20.94 on Thursday. The business’s 50-day moving average is $20.79 and its two-hundred day moving average is $19.88. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The firm has a market capitalization of $3.38 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The company had revenue of $246.81 million during the quarter, compared to the consensus estimate of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%. During the same period last year, the firm earned $0.46 earnings per share. Research analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.72 annualized dividend and a dividend yield of 3.44%. First BanCorp.’s dividend payout ratio is presently 38.30%.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company raised their price objective on First BanCorp. from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th.

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.