Alliancebernstein L.P. Has $120.10 Million Stake in First BanCorp. (NYSE:FBP)

Alliancebernstein L.P. reduced its stake in shares of First BanCorp. (NYSE:FBP) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,460,346 shares of the bank’s stock after selling 173,081 shares during the quarter. Alliancebernstein L.P. owned 3.94% of First BanCorp. worth $120,098,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management lifted its holdings in shares of First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. lifted its stake in 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 during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in First BanCorp. by 17.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after purchasing an additional 544 shares during the last quarter. R Squared Ltd acquired a new stake in shares of First BanCorp. in the 4th quarter valued at $28,000. Finally, Wedge Capital Management L L P NC increased its stake in shares of First BanCorp. by 3.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 60,325 shares of the bank’s stock valued at $1,121,000 after purchasing an additional 2,042 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company dropped their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Keefe, Bruyette & Woods raised their price target 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. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Price Performance

Shares of FBP opened at $19.38 on Thursday. The business has a 50-day simple moving average of $19.57 and a two-hundred day simple moving average of $19.87. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The stock has a market cap of $3.18 billion, a PE ratio of 10.71, a PEG ratio of 1.34 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

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 analysts’ consensus estimates 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 quarter last year, the business posted $0.46 EPS. Analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were given a dividend of $0.18 per share. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is currently 39.78%.

Insider Activity

In other news, EVP Carlos Power sold 10,321 shares of the business’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 value of $214,160.75. Following the transaction, the executive vice president now owns 176,222 shares in the company, valued at approximately $3,656,606.50. The trade was a 5.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.50% of the company’s stock.

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.