Navellier & Associates Inc. Has $575,000 Stock Holdings in First BanCorp. (NYSE:FBP)

Navellier & Associates Inc. raised its stake in shares of First BanCorp. (NYSE:FBP) by 24.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,954 shares of the bank’s stock after purchasing an additional 6,035 shares during the period. Navellier & Associates Inc.’s holdings in First BanCorp. were worth $575,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings 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 during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in First BanCorp. by 17.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock valued at $68,000 after purchasing an additional 544 shares during the last quarter. Gladius Capital Management LP acquired a new stake in shares of First BanCorp. in the third quarter worth $25,000. Pathstone Holdings LLC grew 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 worth $3,393,000 after acquiring an additional 1,435 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of First BanCorp. in the fourth quarter worth $28,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective 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 lowered their price objective 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, First BanCorp. has an average rating of “Moderate Buy” and an average target price of $22.40.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of First BanCorp. 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 transaction, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Stock Down 3.7 %

FBP opened at $19.37 on Friday. First BanCorp. has a fifty-two week low of $16.24 and a fifty-two week high of $22.40. 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’s fifty day moving average price is $19.63 and its two-hundred day moving average price is $20.21. The company has a market capitalization of $3.17 billion, a P/E ratio of 10.70, a P/E/G ratio of 1.34 and a beta of 1.14.

First BanCorp. (NYSE:FBP) last posted its quarterly 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 net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the prior year, the company earned $0.46 EPS. On average, 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 will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a yield of 3.72%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is currently 39.78%.

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.