Allspring Global Investments Holdings LLC Purchases 9,134 Shares of First BanCorp. (NYSE:FBP)

Allspring Global Investments Holdings LLC grew its position in First BanCorp. (NYSE:FBP) by 47.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,301 shares of the bank’s stock after acquiring an additional 9,134 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First BanCorp. were worth $466,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Campbell & CO Investment Adviser LLC bought a new position in shares of First BanCorp. in the third quarter valued at approximately $138,000. AXQ Capital LP acquired a new stake in shares of First BanCorp. in the third quarter valued at approximately $186,000. Versor Investments LP acquired a new stake in shares of First BanCorp. in the third quarter valued at approximately $197,000. Advisor Partners II LLC increased its holdings in shares of First BanCorp. by 4.8% in the third quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock valued at $229,000 after purchasing an additional 780 shares in the last quarter. Finally, Vest Financial LLC acquired a new stake in shares of First BanCorp. in the fourth quarter valued at approximately $235,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods raised their price target 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. Stock Down 0.7 %

Shares of First BanCorp. stock opened at $17.58 on Friday. The business has a fifty day simple moving average of $16.94 and a 200 day simple moving average of $15.94. The stock has a market cap of $2.98 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 1.55 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. First BanCorp. has a 12 month low of $10.18 and a 12 month high of $17.74.

First BanCorp. (NYSE:FBP) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same period in the previous year, the company earned $0.39 EPS. Research analysts predict that First BanCorp. will post 1.66 EPS for the current year.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio is presently 36.57%.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the completion of the sale, the executive vice president now owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the completion of the sale, the executive vice president now owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Crespo Luz sold 10,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $16.47, for a total transaction of $164,700.00. Following the sale, the director now directly owns 50,055 shares of the company’s stock, valued at approximately $824,405.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,600 shares of company stock valued at $2,278,784. 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.