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

Los Angeles Capital Management LLC trimmed its holdings in First BanCorp. (NYSE:FBP) by 6.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund 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 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FBP. Gladius Capital Management LP bought a new stake in shares of First BanCorp. in the 3rd quarter worth approximately $25,000. R Squared Ltd bought a new stake in shares of First BanCorp. in the 4th quarter worth approximately $28,000. Blue Trust Inc. lifted its holdings in shares of First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after acquiring an additional 1,668 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. in the 3rd quarter worth approximately $66,000. Finally, KBC Group NV increased its stake in shares of First BanCorp. by 61.7% in the fourth quarter. KBC Group NV now owns 8,464 shares of the bank’s stock worth $157,000 after buying an additional 3,230 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

First BanCorp. Stock Up 1.3 %

Shares of First BanCorp. stock opened at $19.50 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $20.20. The company has a market cap of $3.19 billion, a P/E ratio of 10.77, a PEG 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.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (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 quarter in the prior year, the company posted $0.46 EPS. Research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a dividend of $0.18 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Friday, February 21st. First BanCorp.’s payout ratio is presently 39.78%.

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of the company’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 sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This represents a 5.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.50% of the company’s stock.

First BanCorp. Company 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.