X Square Capital LLC Reduces Position in First BanCorp. (NYSE:FBP)

X Square Capital LLC cut its holdings in shares of First BanCorp. (NYSE:FBP) by 20.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 249,504 shares of the bank’s stock after selling 64,666 shares during the quarter. First BanCorp. comprises 1.9% of X Square Capital LLC’s portfolio, making the stock its 9th biggest holding. X Square Capital LLC owned 0.15% of First BanCorp. worth $4,638,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in First BanCorp. by 4.2% in the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after buying an additional 37,432 shares in the last quarter. Martingale Asset Management L P grew its holdings in shares of First BanCorp. by 63.3% during the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank’s stock worth $1,891,000 after purchasing an additional 34,616 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in First BanCorp. during the fourth quarter worth about $4,792,000. Mirae Asset Global Investments Co. Ltd. bought a new position in First BanCorp. in the 4th quarter valued at about $420,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of First BanCorp. by 52.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock valued at $1,149,000 after buying an additional 21,213 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FBP. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Insider Activity

In other news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.50% of the company’s stock.

First BanCorp. Price Performance

FBP stock opened at $19.45 on Friday. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of 10.74, a P/E/G ratio of 1.34 and a beta of 1.12. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The company has a 50 day simple moving average of $19.60 and a 200 day simple moving average of $19.89. First BanCorp. has a 1 year low of $16.25 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.70%. First BanCorp.’s dividend payout ratio (DPR) is currently 39.78%.

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.