Edgestream Partners L.P. Purchases 33,651 Shares of First BanCorp. (NYSE:FBP)

Edgestream Partners L.P. boosted its position in shares of First BanCorp. (NYSE:FBP) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 367,258 shares of the bank’s stock after buying an additional 33,651 shares during the period. Edgestream Partners L.P.’s holdings in First BanCorp. were worth $6,827,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FBP. Gladius Capital Management LP bought a new stake in shares of First BanCorp. during the 3rd quarter worth approximately $25,000. R Squared Ltd acquired a new position in First BanCorp. during the fourth quarter valued at approximately $28,000. Blue Trust Inc. lifted its stake in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of First BanCorp. in the 3rd quarter valued at $66,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after purchasing an additional 3,032 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on FBP. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Stock Down 1.2 %

Shares of FBP opened at $18.53 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. First BanCorp. has a 52 week low of $16.24 and a 52 week high of $22.40. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 1.34 and a beta of 1.14. The stock has a fifty day moving average of $19.67 and a 200-day moving average of $20.16.

First BanCorp. (NYSE:FBP) last posted its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be given a dividend of $0.18 per share. The ex-dividend date is Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.89%. First BanCorp.’s dividend payout ratio (DPR) is currently 39.78%.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.50% of the company’s stock.

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.