Westover Capital Advisors LLC Decreases Stock Holdings in First BanCorp. (NYSE:FBP)

Westover Capital Advisors LLC decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 12.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,872 shares of the bank’s stock after selling 5,645 shares during the quarter. Westover Capital Advisors LLC’s holdings in First BanCorp. were worth $760,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Blue Trust Inc. raised 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 valued at $42,000 after purchasing an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of First BanCorp. by 17.3% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock valued at $68,000 after acquiring an additional 544 shares during the period. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. in the third quarter valued at $25,000. Pathstone Holdings LLC raised its stake in shares of First BanCorp. by 0.9% in the third quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock valued at $3,393,000 after acquiring an additional 1,435 shares during the period. Finally, R Squared Ltd purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $28,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 0.5 %

FBP stock opened at $19.57 on Tuesday. The company has a market capitalization of $3.21 billion, a PE ratio of 10.81, a P/E/G ratio of 1.34 and a beta of 1.14. First BanCorp. has a 12 month low of $16.24 and a 12 month high of $22.40. The firm’s 50-day moving average is $19.68 and its 200 day moving average is $20.20. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 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 period in the prior year, the firm posted $0.46 EPS. On average, research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.68%. The ex-dividend date is Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is currently 39.78%.

Insider Buying and Selling

In related news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. 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 note on Monday, January 6th. Keefe, Bruyette & Woods increased 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 company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.40.

About First BanCorp.

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.