Lazard Asset Management LLC Increases Position in First BanCorp. (NYSE:FBP)

Lazard Asset Management LLC raised its position in First BanCorp. (NYSE:FBPGet Rating) by 121.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,785 shares of the bank’s stock after purchasing an additional 4,809 shares during the quarter. Lazard Asset Management LLC’s holdings in First BanCorp. were worth $113,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FBP. Mutual of America Capital Management LLC raised its position in First BanCorp. by 3.5% in the first quarter. Mutual of America Capital Management LLC now owns 29,082 shares of the bank’s stock valued at $382,000 after purchasing an additional 986 shares during the period. Versor Investments LP purchased a new stake in First BanCorp. in the first quarter valued at approximately $504,000. Victory Capital Management Inc. raised its position in First BanCorp. by 10.3% in the first quarter. Victory Capital Management Inc. now owns 1,757,049 shares of the bank’s stock valued at $23,154,000 after purchasing an additional 163,481 shares during the period. New York State Common Retirement Fund raised its position in First BanCorp. by 7.7% in the first quarter. New York State Common Retirement Fund now owns 964,558 shares of the bank’s stock valued at $12,655,000 after purchasing an additional 69,263 shares during the period. Finally, KBC Group NV raised its position in First BanCorp. by 59.2% in the first quarter. KBC Group NV now owns 24,553 shares of the bank’s stock valued at $322,000 after purchasing an additional 9,128 shares during the period. Hedge funds and other institutional investors own 96.24% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on First BanCorp. in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

First BanCorp. Stock Up 1.2 %

First BanCorp. stock opened at $15.29 on Wednesday. First BanCorp. has a twelve month low of $11.94 and a twelve month high of $16.62. The stock’s fifty day simple moving average is $14.91 and its 200-day simple moving average is $14.51. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $2.82 billion, a P/E ratio of 9.93, a P/E/G ratio of 0.89 and a beta of 1.17.

First BanCorp. (NYSE:FBPGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The bank reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. First BanCorp. had a return on equity of 18.29% and a net margin of 32.11%. The business had revenue of $239.60 million for the quarter, compared to analyst estimates of $237.86 million. During the same quarter in the prior year, the company earned $0.37 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. As a group, equities analysts expect that First BanCorp. will post 1.62 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, November 23rd. First BanCorp.’s dividend payout ratio (DPR) is presently 31.17%.

Insider Activity at First BanCorp.

In related news, EVP Nayda Rivera sold 20,000 shares of the stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $15.81, for a total value of $316,200.00. Following the transaction, the executive vice president now owns 231,948 shares of the company’s stock, valued at $3,667,097.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is currently owned by corporate insiders.

First BanCorp. Company Profile

(Get Rating)

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides various financial services for retail, commercial, and institutional clients. 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.

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Institutional Ownership by Quarter for First BanCorp. (NYSE:FBP)

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