Jupiter Asset Management Ltd. purchased a new position in First BanCorp. (NYSE:FBP – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 953,191 shares of the bank’s stock, valued at approximately $16,719,000. Jupiter Asset Management Ltd. owned approximately 0.56% of First BanCorp. at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in FBP. Norges Bank acquired a new position in First BanCorp. during the 4th quarter valued at about $32,590,000. Wellington Management Group LLP increased its position in First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after buying an additional 993,819 shares in the last quarter. LSV Asset Management increased its position in First BanCorp. by 18.7% during the 1st quarter. LSV Asset Management now owns 1,318,399 shares of the bank’s stock valued at $23,125,000 after buying an additional 207,510 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in First BanCorp. by 3.8% during the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after buying an additional 116,642 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in First BanCorp. by 6.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after buying an additional 110,797 shares in the last quarter. 97.91% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carlos Power sold 5,277 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
First BanCorp. Stock Performance
First BanCorp. (NYSE:FBP – Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. The company had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter in the prior year, the business posted $0.39 earnings per share. On average, analysts expect that First BanCorp. will post 1.74 earnings per share for the current year.
First BanCorp. Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.10%. First BanCorp.’s dividend payout ratio is currently 36.57%.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the company. Raymond James started coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price on the stock. Wells Fargo & Company boosted their price target on First BanCorp. from $18.00 to $19.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th.
Read Our Latest Stock Analysis on FBP
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.
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