Jupiter Asset Management Ltd. Invests $16.72 Million in First BanCorp. (NYSE:FBP)

Jupiter Asset Management Ltd. purchased a new position in First BanCorp. (NYSE:FBP) 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

Shares of FBP traded up $0.03 during mid-day trading on Friday, reaching $20.65. The company had a trading volume of 982,357 shares, compared to its average volume of 1,093,493. The stock has a market capitalization of $3.44 billion, a P/E ratio of 11.80, a PEG ratio of 1.71 and a beta of 1.12. The stock has a 50 day moving average of $18.10 and a two-hundred day moving average of $17.27. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 52-week low of $12.72 and a 52-week high of $21.18.

First BanCorp. (NYSE:FBP) 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.

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.