Los Angeles Capital Management LLC Sells 3,308 Shares of First BanCorp. (NYSE:FBP)

Los Angeles Capital Management LLC decreased its position in First BanCorp. (NYSE:FBP) by 6.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 52,167 shares of the bank’s stock after selling 3,308 shares during the quarter. Los Angeles Capital Management LLC’s holdings in First BanCorp. were worth $970,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Gladius Capital Management LP bought a new position in First BanCorp. in the 3rd quarter worth about $25,000. R Squared Ltd bought a new position in First BanCorp. during the 4th quarter valued at about $28,000. Blue Trust Inc. lifted its stake in First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the period. Wilmington Savings Fund Society FSB bought a new position in First BanCorp. during the 3rd quarter valued at about $66,000. Finally, KBC Group NV lifted its stake in First BanCorp. by 61.7% during the 4th quarter. KBC Group NV now owns 8,464 shares of the bank’s stock valued at $157,000 after acquiring an additional 3,230 shares during the period. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $19.50 on Friday. The firm’s 50 day moving average price is $19.66 and its 200-day moving average price is $20.20. First BanCorp. has a twelve month low of $16.24 and a twelve month high of $22.40. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $3.19 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.34 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share 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 period in the previous year, the firm posted $0.46 EPS. Equities research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.69%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. First BanCorp.’s dividend payout ratio is currently 39.78%.

Insider Buying and Selling

In related news, EVP Carlos Power sold 10,321 shares of the 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 completion of the sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FBP. Wells Fargo & Company lowered 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 note on Monday, January 6th. Keefe, Bruyette & Woods upped their target price 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, First BanCorp. has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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.