Schroder Investment Management Group Cuts Holdings in First BanCorp. (NYSE:FBP)

Schroder Investment Management Group lowered its stake in shares of First BanCorp. (NYSE:FBP) by 28.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,486,958 shares of the bank’s stock after selling 595,883 shares during the quarter. Schroder Investment Management Group owned 0.91% of First BanCorp. worth $27,583,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FBP. New Age Alpha Advisors LLC purchased a new stake in First BanCorp. during the fourth quarter valued at about $168,000. Norges Bank purchased a new position in shares of First BanCorp. during the 4th quarter valued at about $35,275,000. Elo Mutual Pension Insurance Co purchased a new position in shares of First BanCorp. during the 4th quarter valued at about $267,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in First BanCorp. by 8.5% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 390,355 shares of the bank’s stock worth $7,257,000 after buying an additional 30,713 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP grew its position in First BanCorp. by 12.1% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 27,629 shares of the bank’s stock valued at $514,000 after acquiring an additional 2,976 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

First BanCorp. Trading Up 1.0 %

NYSE:FBP opened at $19.38 on Thursday. The firm has a market capitalization of $3.18 billion, a P/E ratio of 10.71, a P/E/G ratio of 1.34 and a beta of 1.12. First BanCorp. has a 52 week low of $16.25 and a 52 week high of $22.40. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average of $19.57 and a 200 day moving average of $19.87.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $0.46 earnings per share. On average, research analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 21st were paid a dividend of $0.18 per share. The ex-dividend date was Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.72%. First BanCorp.’s payout ratio is 39.78%.

Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the transaction, the executive vice president now directly owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.