Intech Investment Management LLC Purchases 513,063 Shares of First BanCorp. (NYSE:FBP)

Intech Investment Management LLC raised its position in First BanCorp. (NYSE:FBP) by 267.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 705,075 shares of the bank’s stock after purchasing an additional 513,063 shares during the quarter. Intech Investment Management LLC owned 0.43% of First BanCorp. worth $13,107,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans grew its stake in First BanCorp. by 124.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 322,119 shares of the bank’s stock valued at $5,988,000 after acquiring an additional 178,660 shares during the period. Cibc World Markets Corp acquired a new stake in First BanCorp. in the fourth quarter valued at approximately $282,000. Picton Mahoney Asset Management grew its stake 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 acquiring an additional 514 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in First BanCorp. by 52.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock valued at $1,149,000 after acquiring an additional 21,213 shares during the period. Finally, Amundi grew its stake in First BanCorp. by 173.4% in the fourth quarter. Amundi now owns 87,309 shares of the bank’s stock valued at $1,631,000 after acquiring an additional 55,379 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FBP shares. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Wells Fargo & Company dropped their target price on 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 stock. Based on data from MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and an average price target of $22.40.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $18.29 on Tuesday. The firm has a market capitalization of $3.00 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. The business’s fifty day simple moving average is $19.58 and its 200 day simple moving average is $20.00. 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. has a 12 month low of $16.25 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the firm earned $0.46 earnings per share. As a group, analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders 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. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.94%. First BanCorp.’s dividend payout ratio is presently 39.78%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was 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 in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. 2.50% of the stock is currently owned by corporate insiders.

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.