First BanCorp. (NYSE:FBP) Stock Holdings Increased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC boosted its stake in shares of First BanCorp. (NYSE:FBP) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 56,423 shares of the bank’s stock after acquiring an additional 661 shares during the period. SummerHaven Investment Management LLC’s holdings in First BanCorp. were worth $928,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its holdings in shares of First BanCorp. by 11.9% during the 4th quarter. Russell Investments Group Ltd. now owns 615,973 shares of the bank’s stock valued at $10,133,000 after acquiring an additional 65,635 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of First BanCorp. during the fourth quarter worth $113,000. Duality Advisers LP acquired a new stake in First BanCorp. during the fourth quarter valued at $265,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in First BanCorp. by 10.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,623 shares of the bank’s stock valued at $668,000 after purchasing an additional 3,914 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in First BanCorp. by 8.1% in the 4th quarter. Mackenzie Financial Corp now owns 12,511 shares of the bank’s stock worth $206,000 after purchasing an additional 942 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the completion of the transaction, the executive vice president now owns 98,501 shares of the company’s stock, valued at approximately $1,708,007.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now owns 98,501 shares in the company, valued at approximately $1,708,007.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were 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 of the company’s stock, valued at approximately $19,339,000.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,600 shares of company stock worth $2,278,784. Corporate insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company boosted their price target on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Thursday.

First BanCorp. Trading Up 1.0 %

FBP stock traded up $0.17 during midday trading on Monday, hitting $17.41. 114,593 shares of the company’s stock were exchanged, compared to its average volume of 1,110,943. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. The stock’s fifty day moving average price is $16.95 and its 200-day moving average price is $16.00. First BanCorp. has a one year low of $10.18 and a one year high of $17.74. The company has a market cap of $2.95 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period last year, the firm earned $0.39 earnings per share. Research analysts predict that First BanCorp. will post 1.69 earnings per share for the current fiscal 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 3.68%. The ex-dividend date is Thursday, May 30th. First BanCorp.’s payout ratio is presently 36.57%.

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.