14,384 Shares in First BanCorp. (NYSE:FBP) Acquired by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co purchased a new stake in shares of First BanCorp. (NYSE:FBP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 14,384 shares of the bank’s stock, valued at approximately $267,000.

Several other institutional investors also recently bought and sold shares of the business. R Squared Ltd acquired a new position in shares of First BanCorp. during the 4th quarter valued at $28,000. Picton Mahoney Asset Management raised its position in First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after purchasing an additional 514 shares during the period. Blue Trust Inc. lifted its stake in shares of First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. in the third quarter worth about $66,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of First BanCorp. by 394.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after buying an additional 3,032 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Carlos Power sold 10,321 shares of the stock in a transaction dated 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 trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FBP has been the topic of several recent research reports. 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 report on Friday, January 24th. Wells Fargo & Company reduced 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 report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Trading Down 1.2 %

Shares of FBP opened at $19.21 on Monday. First BanCorp. has a one year low of $16.25 and a one year high of $22.40. The stock has a 50-day moving average price of $19.59 and a 200 day moving average price of $19.89. 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 company has a market capitalization of $3.15 billion, a P/E ratio of 10.61, a P/E/G ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating 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 period last year, the business posted $0.46 EPS. Sell-side analysts forecast that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.75%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio is 39.78%.

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.