Voya Investment Management LLC Raises Position in First BanCorp. (NYSE:FBP)

Voya Investment Management LLC raised its holdings in First BanCorp. (NYSE:FBP) by 12.0% in the fourth quarter, Holdings Channel reports. The fund owned 659,052 shares of the bank’s stock after buying an additional 70,528 shares during the period. Voya Investment Management LLC’s holdings in First BanCorp. were worth $12,252,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FBP. R Squared Ltd acquired a new stake in First BanCorp. in the 4th quarter valued at about $28,000. Picton Mahoney Asset Management raised its holdings in First BanCorp. by 48.2% in the 4th 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 during the last quarter. Blue Trust Inc. raised its holdings in First BanCorp. by 31.9% in the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in First BanCorp. in the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after acquiring an additional 3,032 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Up 2.3 %

Shares of NYSE FBP opened at $19.70 on Tuesday. The company has a 50 day simple moving average of $18.56 and a 200-day simple moving average of $19.54. The company has a market capitalization of $3.21 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.34 and a beta of 0.90. 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 $16.40 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The firm had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. During the same quarter last year, the firm earned $0.44 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities research analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.72 annualized dividend and a yield of 3.65%. First BanCorp.’s dividend payout ratio (DPR) is presently 39.13%.

Insider Activity at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the sale, the executive vice president now owns 176,222 shares in the company, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FBP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of 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 raised their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.80.

First BanCorp. Company 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.