Los Angeles Capital Management LLC Grows Position in First BanCorp. (NYSE:FBP)

Los Angeles Capital Management LLC raised its position in shares of First BanCorp. (NYSE:FBP) by 5.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 56,040 shares of the bank’s stock after buying an additional 2,814 shares during the quarter. Los Angeles Capital Management LLC’s holdings in First BanCorp. were worth $1,025,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Private Wealth Management Group LLC purchased a new stake in shares of First BanCorp. during the fourth quarter valued at about $26,000. Neo Ivy Capital Management purchased a new stake in shares of First BanCorp. during the fourth quarter valued at about $36,000. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. during the first quarter valued at about $110,000. Perkins Coie Trust Co purchased a new position in shares of First BanCorp. in the 2nd quarter valued at approximately $146,000. Finally, Bailard Inc. purchased a new position in shares of First BanCorp. in the 2nd quarter valued at approximately $216,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FBP. Hovde Group increased their price objective on shares of First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler began coverage on shares of First BanCorp. in a research report on Monday, August 26th. They issued a “neutral” rating and a $22.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Raymond James began coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus target price of $20.83.

Insider Transactions at First BanCorp.

In other news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Carlos Power sold 22,896 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock valued at $1,790,066 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Price Performance

Shares of NYSE:FBP opened at $19.90 on Friday. First BanCorp. has a twelve month low of $12.72 and a twelve month high of $22.12. The company’s 50 day moving average is $20.36 and its 200 day moving average is $18.43. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The company has a market cap of $3.31 billion, a PE ratio of 11.37, a price-to-earnings-growth ratio of 1.43 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. During the same quarter in the prior year, the company earned $0.37 EPS. On average, sell-side analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.22%. First BanCorp.’s payout ratio is 36.57%.

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.