Quantbot Technologies LP Takes $2.80 Million Position in First BanCorp. (NYSE:FBP)

Quantbot Technologies LP acquired a new stake in shares of First BanCorp. (NYSE:FBP) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 150,855 shares of the bank’s stock, valued at approximately $2,804,000. Quantbot Technologies LP owned approximately 0.09% of First BanCorp. as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FBP. Natixis Advisors LLC lifted its position in shares of First BanCorp. by 4.3% during the 3rd quarter. Natixis Advisors LLC now owns 50,528 shares of the bank’s stock valued at $1,070,000 after buying an additional 2,068 shares in the last quarter. Pathstone Holdings LLC lifted its position in shares of First BanCorp. by 0.9% during the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock valued at $3,393,000 after buying an additional 1,435 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of First BanCorp. by 135.7% during the 3rd quarter. Intech Investment Management LLC now owns 192,012 shares of the bank’s stock valued at $4,065,000 after buying an additional 110,531 shares in the last quarter. Citigroup Inc. lifted its position in shares of First BanCorp. by 10.7% during the 3rd quarter. Citigroup Inc. now owns 339,438 shares of the bank’s stock valued at $7,186,000 after buying an additional 32,825 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in First BanCorp. by 2.9% in the 3rd quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after purchasing an additional 19,290 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FBP shares. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Wells Fargo & Company lowered their price target 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

First BanCorp. Stock Performance

NYSE:FBP opened at $18.82 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. First BanCorp. has a 1 year low of $16.25 and a 1 year high of $22.40. The stock’s 50 day simple moving average is $19.58 and its two-hundred day simple moving average is $19.93. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data 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 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 EPS. As a group, equities analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were paid a $0.18 dividend. This is an increase 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 yield of 3.83%. First BanCorp.’s payout ratio is presently 39.78%.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total value of $951,203.69. Following the sale, the executive vice president now owns 186,543 shares of the company’s stock, valued at $3,874,498.11. The trade was a 19.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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.