Arrowstreet Capital Limited Partnership Has $28.26 Million Stock Position in First BanCorp. (NYSE:FBP)

Arrowstreet Capital Limited Partnership lowered its holdings in shares of First BanCorp. (NYSE:FBP) by 31.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,520,055 shares of the bank’s stock after selling 708,955 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.93% of First BanCorp. worth $28,258,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in First BanCorp. by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank’s stock valued at $398,981,000 after buying an additional 63,304 shares in the last quarter. State Street Corp increased its holdings in shares of First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after acquiring an additional 347,271 shares during the last quarter. American Century Companies Inc. raised its stake in shares of First BanCorp. by 1.2% in the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank’s stock valued at $125,001,000 after acquiring an additional 78,129 shares in the last quarter. Geode Capital Management LLC lifted its holdings in First BanCorp. by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares during the last quarter. Finally, Norges Bank bought a new stake in First BanCorp. during the fourth quarter worth approximately $35,275,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.0 %

Shares of First BanCorp. stock opened at $19.38 on Thursday. First BanCorp. has a 1 year low of $16.25 and a 1 year high of $22.40. The company’s fifty day simple moving average is $19.57 and its 200-day simple moving average is $19.87. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.34 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the business posted $0.46 EPS. As a group, sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were issued a $0.18 dividend. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s payout ratio is presently 39.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company dropped 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 report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.40.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the transaction, the executive vice president now directly owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.

First BanCorp. 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.