Illinois Municipal Retirement Fund Sells 2,270 Shares of First BanCorp. (NYSE:FBP)

Illinois Municipal Retirement Fund cut its position in shares of First BanCorp. (NYSE:FBP) by 2.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,574 shares of the bank’s stock after selling 2,270 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in First BanCorp. were worth $1,654,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio increased its stake in shares of First BanCorp. by 206.3% during the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $80,000 after purchasing an additional 3,300 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of First BanCorp. in the 3rd quarter worth approximately $138,000. AXQ Capital LP bought a new position in First BanCorp. during the 3rd quarter valued at approximately $186,000. Versor Investments LP purchased a new position in First BanCorp. during the third quarter valued at $197,000. Finally, Mackenzie Financial Corp boosted its holdings in First BanCorp. by 8.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after acquiring an additional 942 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FBP has been the subject of several analyst reports. Wells Fargo & Company raised their price target on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods raised their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday.

Insider Transactions at First BanCorp.

In related news, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the transaction, the chief executive officer now owns 1,126,325 shares in the company, valued at $19,339,000.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,126,325 shares in the company, valued at approximately $19,339,000.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Crespo Luz sold 10,000 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now directly owns 50,055 shares in the company, valued at $824,405.85. The disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock worth $2,278,784 over the last three months. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Stock Performance

Shares of FBP opened at $17.24 on Friday. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 1.57 and a beta of 1.16. The business’s fifty day simple moving average is $16.95 and its two-hundred day simple moving average is $15.97. First BanCorp. has a 12 month low of $10.18 and a 12 month high of $17.74. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The firm had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same period in the prior year, the company posted $0.39 earnings per share. Research analysts anticipate that First BanCorp. will post 1.69 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Thursday, February 22nd. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

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.