Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in First BanCorp. (NYSE:FBP)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First BanCorp. (NYSE:FBP) by 52.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 61,797 shares of the bank’s stock after purchasing an additional 21,213 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First BanCorp. were worth $1,149,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after purchasing an additional 542 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in First BanCorp. by 17.3% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock worth $68,000 after acquiring an additional 544 shares in the last quarter. Pathstone Holdings LLC increased its holdings in First BanCorp. by 0.9% in the 3rd quarter. Pathstone Holdings LLC now owns 160,254 shares of the bank’s stock worth $3,393,000 after acquiring an additional 1,435 shares in the last quarter. R Squared Ltd acquired a new position in First BanCorp. during the fourth quarter worth $28,000. Finally, Wedge Capital Management L L P NC lifted its holdings in First BanCorp. by 3.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 60,325 shares of the bank’s stock valued at $1,121,000 after purchasing an additional 2,042 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

NYSE:FBP opened at $18.35 on Thursday. First BanCorp. has a twelve month low of $16.25 and a twelve month high of $22.40. The company has a market cap of $3.01 billion, a P/E ratio of 10.14, a P/E/G ratio of 1.34 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $19.57 and its 200-day moving average price is $19.97.

First BanCorp. (NYSE:FBP) last issued its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping 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 quarter in the previous year, the company posted $0.46 EPS. On average, sell-side analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were issued a $0.18 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.92%. The ex-dividend date was Friday, February 21st. First BanCorp.’s dividend payout ratio is presently 39.78%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of 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 cut their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 45,797 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the sale, the executive vice president now owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. This represents a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Company 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.