Headlands Technologies LLC Takes Position in First BanCorp. (NYSE:FBP)

Headlands Technologies LLC acquired a new position in First BanCorp. (NYSE:FBP) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,859 shares of the bank’s stock, valued at approximately $113,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC increased its stake in First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock worth $165,408,000 after purchasing an additional 505,003 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in First BanCorp. by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after buying an additional 52,384 shares during the last quarter. Schroder Investment Management Group boosted its position in First BanCorp. by 3.1% during the 3rd quarter. Schroder Investment Management Group now owns 1,721,109 shares of the bank’s stock valued at $23,166,000 after buying an additional 51,078 shares during the period. LSV Asset Management grew its holdings in First BanCorp. by 6.2% in the 3rd quarter. LSV Asset Management now owns 1,143,989 shares of the bank’s stock worth $15,398,000 after acquiring an additional 66,600 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of First BanCorp. by 32.0% in the third quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock valued at $13,918,000 after acquiring an additional 250,577 shares during the period. Institutional investors own 97.91% of the company’s stock.

Insider Activity

In related news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the sale, the chief executive officer now directly owns 1,126,325 shares of the company’s stock, valued at $19,339,000.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the completion of the transaction, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,126,325 shares in the company, valued at $19,339,000.25. The disclosure for this sale can be found here. Insiders sold a total of 75,000 shares of company stock worth $1,280,000 in the last quarter. 2.50% of the stock is owned by company insiders.

First BanCorp. Stock Up 1.3 %

Shares of First BanCorp. stock opened at $17.47 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. First BanCorp. has a 12-month low of $10.18 and a 12-month high of $17.74. The company has a market cap of $2.96 billion, a P/E ratio of 9.98, a PEG ratio of 1.54 and a beta of 1.16. The company’s fifty day simple moving average is $16.96 and its two-hundred day simple moving average is $16.03.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The company had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. Research analysts anticipate that First BanCorp. will post 1.69 EPS for the current year.

First BanCorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Thursday, May 30th. First BanCorp.’s dividend payout ratio is currently 36.57%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FBP shares. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Wells Fargo & Company increased their price objective on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th.

First BanCorp. Profile

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.