Ameritas Investment Partners Inc. Decreases Stake in First BanCorp. (NYSE:FBP)

Ameritas Investment Partners Inc. decreased its holdings in First BanCorp. (NYSE:FBP) by 5.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 16,665 shares of the bank’s stock after selling 966 shares during the period. Ameritas Investment Partners Inc.’s holdings in First BanCorp. were worth $292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edgestream Partners L.P. lifted its stake in shares of First BanCorp. by 44.4% during the first quarter. Edgestream Partners L.P. now owns 459,484 shares of the bank’s stock worth $8,059,000 after purchasing an additional 141,261 shares in the last quarter. Vanguard Group Inc. lifted its position in First BanCorp. by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock worth $393,154,000 after acquiring an additional 448,845 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in First BanCorp. in the 1st quarter worth approximately $16,719,000. SageView Advisory Group LLC acquired a new stake in First BanCorp. in the first quarter valued at approximately $110,000. Finally, ProShare Advisors LLC grew its position in First BanCorp. by 4.3% in the first quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock valued at $591,000 after acquiring an additional 1,396 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

Shares of FBP opened at $21.36 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.02. The business’s fifty day moving average price is $18.29 and its 200 day moving average price is $17.39. The stock has a market capitalization of $3.55 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.79 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, July 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 net margin of 25.91% and a return on equity of 22.11%. The company had revenue of $304.28 million for the quarter, compared to the consensus estimate of $230.26 million. During the same period last year, the firm posted $0.37 EPS. Equities research analysts forecast that First BanCorp. will post 1.75 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.00%. First BanCorp.’s payout ratio is currently 36.57%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Raymond James initiated coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective for the company. Hovde Group raised their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price target on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.00.

Insider Activity

In related news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were 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 directly owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the sale, the executive vice president now owns 255,236 shares in the company, valued at approximately $4,596,800.36. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

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.