Gallacher Capital Management LLC Has $351,000 Holdings in First BanCorp. (NYSE:FBP)

Gallacher Capital Management LLC raised its position in shares of First BanCorp. (NYSE:FBP) by 70.2% in the fourth quarter, Holdings Channel reports. The fund owned 21,323 shares of the bank’s stock after buying an additional 8,797 shares during the quarter. Gallacher Capital Management LLC’s holdings in First BanCorp. were worth $351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. SummerHaven Investment Management LLC grew its stake in shares of First BanCorp. by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 56,423 shares of the bank’s stock worth $928,000 after acquiring an additional 661 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of First BanCorp. during the fourth quarter valued at approximately $113,000. Charles Schwab Investment Management Inc. increased its position in shares of First BanCorp. by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after purchasing an additional 52,384 shares during the period. Invesco Ltd. raised its stake 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 purchasing an additional 250,577 shares in the last quarter. Finally, FMR LLC lifted its position in First BanCorp. by 4.3% in the third 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. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Price Performance

NYSE:FBP traded down $0.04 during mid-day trading on Monday, reaching $18.04. 749,779 shares of the company were exchanged, compared to its average volume of 1,099,684. First BanCorp. has a 12 month low of $10.56 and a 12 month high of $18.32. The stock has a market cap of $3.05 billion, a PE ratio of 10.33, a PEG ratio of 1.48 and a beta of 1.16. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average of $17.06 and a 200 day moving average of $16.14.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 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 business had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, research analysts anticipate that First BanCorp. will post 1.76 EPS 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 paid a $0.16 dividend. The ex-dividend date is Wednesday, May 29th. This represents a $0.64 annualized dividend and a dividend yield of 3.55%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

Insider Transactions at First BanCorp.

In other news, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the sale, the chief financial officer now owns 277,020 shares in the company, valued at approximately $4,964,198.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of First BanCorp. stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the transaction, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at $19,339,000.25. The disclosure for this sale can be found here. Insiders sold a total of 150,000 shares of company stock worth $2,624,000 over the last 90 days. 2.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of 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 target on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th.

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.