Rhumbline Advisers Has $9.02 Million Stake in First BanCorp. (NYSE:FBP)

Rhumbline Advisers raised its stake in shares of First BanCorp. (NYSE:FBP) by 2.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 484,978 shares of the bank’s stock after purchasing an additional 10,591 shares during the quarter. Rhumbline Advisers’ holdings in First BanCorp. were worth $9,016,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in FBP. CWM LLC increased its stake in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares during the period. Blue Trust Inc. grew its holdings in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares in the last quarter. QRG Capital Management Inc. bought a new stake in shares of First BanCorp. during the third quarter valued at approximately $205,000. Natixis Advisors LLC raised its stake in shares of First BanCorp. by 4.3% in the third quarter. Natixis Advisors LLC now owns 50,528 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 2,068 shares in the last quarter. Finally, Gladius Capital Management LP bought a new position in First BanCorp. in the third quarter worth $25,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of NYSE:FBP opened at $19.16 on Tuesday. 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 business’s fifty day moving average price is $19.61 and its two-hundred day moving average price is $20.21. First BanCorp. has a fifty-two week low of $16.24 and a fifty-two week high of $22.40. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 1.34 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate 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 period last year, the business posted $0.46 EPS. As a group, analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 3.76%. First BanCorp.’s dividend payout ratio (DPR) is presently 39.78%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent research reports. 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 research note on Friday, January 24th. Wells Fargo & Company lowered their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.40.

Insider Activity

In related news, EVP Carlos Power sold 45,797 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69. Following the sale, the executive vice president now directly owns 186,543 shares in the company, valued at $3,874,498.11. This represents a 19.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is currently 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.