Mutual of America Capital Management LLC Sells 1,048 Shares of First BanCorp. (NYSE:FBP)

Mutual of America Capital Management LLC lowered its position in First BanCorp. (NYSE:FBP) by 3.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,201 shares of the bank’s stock after selling 1,048 shares during the quarter. Mutual of America Capital Management LLC’s holdings in First BanCorp. were worth $497,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Campbell & CO Investment Adviser LLC acquired a new position in shares of First BanCorp. in the third quarter valued at $138,000. AXQ Capital LP bought a new position in shares of First BanCorp. during the 3rd quarter worth about $186,000. Vest Financial LLC acquired a new stake in shares of First BanCorp. during the 4th quarter valued at about $235,000. Versor Investments LP bought a new stake in First BanCorp. in the third quarter valued at about $197,000. Finally, SG Americas Securities LLC acquired a new position in First BanCorp. in the fourth quarter worth about $263,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

NYSE:FBP opened at $17.16 on Wednesday. The stock has a market capitalization of $2.91 billion, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 1.53 and a beta of 1.16. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 1 year low of $10.18 and a 1 year high of $17.70. The firm has a 50 day moving average of $16.90 and a 200-day moving average of $15.92.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.14. The firm had revenue of $299.09 million during the quarter, compared to the consensus estimate of $227.75 million. First BanCorp. had a return on equity of 21.62% and a net margin of 26.19%. During the same quarter in the previous year, the company posted $0.40 EPS. As a group, sell-side analysts anticipate that First BanCorp. will post 1.66 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.73%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio is currently 37.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FBP shares. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Wells Fargo & Company increased their price objective on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th.

Insider Buying and Selling at First BanCorp.

In other news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the transaction, the executive vice president now directly owns 98,501 shares in the company, valued at $1,708,007.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Michael Mcdonald sold 57,600 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total transaction of $998,784.00. Following the completion of the sale, the executive vice president now owns 98,501 shares in the company, valued at $1,708,007.34. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $858,500.00. Following the transaction, the chief executive officer now directly owns 1,126,325 shares in the company, valued at approximately $19,339,000.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,600 shares of company stock worth $2,278,784. 2.10% 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.