Cibc World Markets Corp Makes New Investment in First BanCorp. (NYSE:FBP)

Cibc World Markets Corp purchased a new stake in shares of First BanCorp. (NYSE:FBP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 15,149 shares of the bank’s stock, valued at approximately $282,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FBP. Picton Mahoney Asset Management grew its stake 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 acquiring an additional 514 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in First BanCorp. by 52.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock worth $1,149,000 after purchasing an additional 21,213 shares in the last quarter. Amundi boosted its holdings in First BanCorp. by 173.4% in the 4th quarter. Amundi now owns 87,309 shares of the bank’s stock valued at $1,631,000 after purchasing an additional 55,379 shares during the period. Edgestream Partners L.P. grew its position in shares of First BanCorp. by 10.1% during the 4th quarter. Edgestream Partners L.P. now owns 367,258 shares of the bank’s stock valued at $6,827,000 after purchasing an additional 33,651 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of First BanCorp. in the fourth quarter worth $439,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First BanCorp.

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

First BanCorp. Trading Up 1.9 %

Shares of FBP stock opened at $19.41 on Wednesday. The business has a 50-day moving average price of $19.60 and a two-hundred day moving average price of $19.90. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The firm has a market cap of $3.18 billion, a P/E ratio of 10.72, a price-to-earnings-growth 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 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 period in the prior year, the business posted $0.46 earnings per share. Equities analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid a $0.18 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 3.71%. First BanCorp.’s dividend payout ratio is 39.78%.

Wall Street Analysts Forecast Growth

FBP has been the subject of several recent 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 report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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.