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

Intech Investment Management LLC grew its position in shares of First BanCorp. (NYSE:FBP) by 267.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 705,075 shares of the bank’s stock after acquiring an additional 513,063 shares during the quarter. Intech Investment Management LLC’s holdings in First BanCorp. were worth $13,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares during the period. Geode Capital Management LLC grew its position in shares of First BanCorp. by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after purchasing an additional 112,432 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of First BanCorp. by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock valued at $24,751,000 after purchasing an additional 16,432 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of First BanCorp. by 4.2% during the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Finally, Algert Global LLC grew its position in shares of First BanCorp. by 2.9% during the third quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock valued at $14,327,000 after purchasing an additional 19,290 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wells Fargo & Company cut their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report 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 MarketBeat.com, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $22.40.

First BanCorp. Stock Up 0.1 %

Shares of NYSE:FBP opened at $18.29 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The firm has a market capitalization of $3.00 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. The business has a 50 day simple moving average of $19.58 and a two-hundred day simple moving average of $20.00. First BanCorp. has a 1 year low of $16.25 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company earned $0.46 earnings per share. On average, equities analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a dividend of $0.18 per share. 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%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio is currently 39.78%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the company’s 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 owns 176,222 shares in the company, valued at $3,656,606.50. This represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by company insiders.

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.