LPL Financial LLC Boosts Stock Holdings in First BanCorp. (NYSE:FBP)

LPL Financial LLC raised its holdings in First BanCorp. (NYSE:FBP) by 128.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 41,897 shares of the bank’s stock after purchasing an additional 23,567 shares during the quarter. LPL Financial LLC’s holdings in First BanCorp. were worth $779,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in First BanCorp. by 4.2% during the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock worth $17,216,000 after acquiring an additional 37,432 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of First BanCorp. in the 4th quarter valued at about $4,792,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of First BanCorp. by 52.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock valued at $1,149,000 after purchasing an additional 21,213 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in First BanCorp. during the fourth quarter worth about $420,000. Finally, Sei Investments Co. grew its position in First BanCorp. by 4.9% during the fourth quarter. Sei Investments Co. now owns 437,437 shares of the bank’s stock worth $8,132,000 after buying an additional 20,256 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $18.05 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. The business’s fifty day moving average price is $18.67 and its two-hundred day moving average price is $19.57. The stock has a market cap of $2.94 billion, a PE ratio of 9.97, a price-to-earnings-growth ratio of 1.34 and a beta of 0.90. First BanCorp. has a one year low of $16.40 and a one year high of $22.40.

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

Analyst Ratings Changes

Several brokerages have recently commented on FBP. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company upgraded 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.50% of the stock is owned by corporate insiders.

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.