Fox Run Management L.L.C. Takes $668,000 Position in First BanCorp. (NYSE:FBP)

Fox Run Management L.L.C. acquired a new position in First BanCorp. (NYSE:FBP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 35,954 shares of the bank’s stock, valued at approximately $668,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in shares of First BanCorp. in the fourth quarter valued at $28,000. Picton Mahoney Asset Management raised its position in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after buying an additional 514 shares during the period. Blue Trust Inc. raised its position 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 buying an additional 542 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in First BanCorp. in the 3rd quarter worth about $66,000. Finally, Smartleaf Asset Management LLC boosted its position in First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock worth $70,000 after acquiring an additional 3,032 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FBP. 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. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Stock Performance

Shares of FBP stock opened at $19.07 on Tuesday. First BanCorp. has a fifty-two week low of $16.25 and a fifty-two week high of $22.40. The stock’s 50-day moving average is $19.59 and its two-hundred day moving average is $19.91. 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 cap of $3.12 billion, a P/E ratio of 10.53, a PEG ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS 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 business posted $0.46 earnings per share. Analysts predict that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid 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 annualized dividend and a dividend yield of 3.78%. First BanCorp.’s dividend payout ratio is 39.78%.

Insider Activity at First BanCorp.

In other news, EVP Carlos Power sold 45,797 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69. Following the transaction, the executive vice president now owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. This represents a 19.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.50% of the stock is owned by company insiders.

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.