Thrivent Financial for Lutherans Increases Position in First BanCorp. (NYSE:FBP)

Thrivent Financial for Lutherans lifted its position in shares of First BanCorp. (NYSE:FBP) by 124.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 322,119 shares of the bank’s stock after purchasing an additional 178,660 shares during the period. Thrivent Financial for Lutherans’ holdings in First BanCorp. were worth $5,988,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock worth $17,216,000 after buying an additional 37,432 shares during the last quarter. Martingale Asset Management L P lifted its stake in First BanCorp. by 63.3% during the third quarter. Martingale Asset Management L P now owns 89,341 shares of the bank’s stock worth $1,891,000 after purchasing an additional 34,616 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in First BanCorp. in the fourth quarter valued at approximately $4,792,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in First BanCorp. in the fourth quarter valued at approximately $420,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in First BanCorp. by 52.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock worth $1,149,000 after purchasing an additional 21,213 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FBP. 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 report on Friday, January 24th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two investment 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $18.82 on Monday. The firm’s fifty day simple moving average is $19.58 and its 200-day simple moving average is $19.92. First BanCorp. has a 12 month low of $16.25 and a 12 month high of $22.40. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 1.34 and a beta of 1.12. 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 data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating 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 period last year, the firm earned $0.46 EPS. As a group, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed 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 represents a $0.72 dividend on an annualized basis and a yield of 3.83%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is presently 39.78%.

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.