State of Tennessee Department of Treasury Reduces Stock Position in First BanCorp. (NYSE:FBP)

State of Tennessee Department of Treasury trimmed its stake in shares of First BanCorp. (NYSE:FBP) by 8.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,358 shares of the bank’s stock after selling 7,519 shares during the period. State of Tennessee Department of Treasury’s holdings in First BanCorp. were worth $1,531,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Barclays PLC grew its position in First BanCorp. by 106.1% in the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after purchasing an additional 189,148 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of First BanCorp. in the 3rd quarter worth $66,000. Diversified Trust Co grew its holdings in shares of First BanCorp. by 12.1% in the fourth quarter. Diversified Trust Co now owns 32,474 shares of the bank’s stock worth $604,000 after acquiring an additional 3,507 shares during the period. Range Financial Group LLC purchased a new stake in First BanCorp. during the fourth quarter valued at $1,614,000. Finally, Assenagon Asset Management S.A. bought a new position in First BanCorp. in the fourth quarter valued at about $4,792,000. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FBP. Keefe, Bruyette & Woods boosted 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. Wells Fargo & Company raised their target price on First BanCorp. from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.80.

First BanCorp. Stock Performance

FBP opened at $19.84 on Wednesday. The company has a 50 day simple moving average of $18.55 and a two-hundred day simple moving average of $19.54. 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 firm has a market cap of $3.24 billion, a P/E ratio of 10.96, a PEG ratio of 1.34 and a beta of 0.90. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.40.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, April 24th. The bank reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $248.13 million during the quarter, compared to the consensus estimate of $243.08 million. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. First BanCorp.’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Thursday, May 29th. First BanCorp.’s dividend payout ratio is currently 39.13%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of First BanCorp. stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the sale, the executive vice president now directly owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

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.