First BanCorp. (NYSE:FBP) Shares Sold by Cynosure Group LLC

Cynosure Group LLC lessened its stake in First BanCorp. (NYSE:FBP) by 7.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,335 shares of the bank’s stock after selling 1,314 shares during the period. Cynosure Group LLC’s holdings in First BanCorp. were worth $304,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in First BanCorp. during the fourth quarter worth $35,275,000. Intech Investment Management LLC boosted its stake in shares of First BanCorp. by 267.2% during the 4th quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after acquiring an additional 513,063 shares in the last quarter. State Street Corp grew its position in shares of First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after acquiring an additional 347,271 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of First BanCorp. in the 4th quarter valued at about $4,792,000. Finally, Trexquant Investment LP raised its holdings in First BanCorp. by 159.8% in the 4th quarter. Trexquant Investment LP now owns 377,327 shares of the bank’s stock worth $7,015,000 after purchasing an additional 232,117 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of several research analyst reports. Wells Fargo & Company reduced their target price on 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. Keefe, Bruyette & Woods upped their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Two 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 a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

First BanCorp. Stock Up 1.0 %

Shares of FBP opened at $19.38 on Thursday. The stock has a 50 day moving average price of $19.57 and a 200 day moving average price of $19.87. First BanCorp. has a one year low of $16.25 and a one year high of $22.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last released its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) 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 last year, the business earned $0.46 earnings per share. Equities research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were given a dividend of $0.18 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date was Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 3.72%. First BanCorp.’s payout ratio is presently 39.78%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the business’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 transaction, the executive vice president now directly owns 176,222 shares in the company, valued at $3,656,606.50. The trade was a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.50% of the stock is currently owned by 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.