Mitsubishi UFJ Trust & Banking Corp Raises Stake in First BanCorp. (NYSE:FBP)

Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of First BanCorp. (NYSE:FBP) by 8.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 390,355 shares of the bank’s stock after buying an additional 30,713 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in First BanCorp. were worth $7,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FBP. Principal Financial Group Inc. grew its holdings in First BanCorp. by 4.2% in the fourth quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after purchasing an additional 37,432 shares during the period. Martingale Asset Management L P grew its stake in First BanCorp. by 63.3% in the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank’s stock valued at $1,891,000 after acquiring an additional 34,616 shares during the period. Assenagon Asset Management S.A. purchased a new stake in First BanCorp. in the 4th quarter worth $4,792,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in First BanCorp. during the fourth quarter worth $420,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First BanCorp. by 52.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock valued at $1,149,000 after purchasing an additional 21,213 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of First BanCorp. stock opened at $19.21 on Monday. The business’s 50 day moving average price is $19.59 and its 200 day moving average price is $19.89. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.34 and a beta of 1.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a one year low of $16.25 and a one year high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 previous year, the business posted $0.46 EPS. On average, research analysts predict that First BanCorp. will post 1.85 EPS for the current 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 issued a dividend of $0.18 per share. 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 3.75%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is currently 39.78%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Wells Fargo & Company decreased their price objective 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.40.

Insider Activity

In related news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. 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.