Franklin Resources Inc. Sells 58,620 Shares of First BanCorp. (NYSE:FBP)

Franklin Resources Inc. cut its holdings in shares of First BanCorp. (NYSE:FBP) by 27.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 154,975 shares of the bank’s stock after selling 58,620 shares during the period. Franklin Resources Inc. owned about 0.09% of First BanCorp. worth $2,881,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. R Squared Ltd acquired a new position in shares of First BanCorp. in the 4th quarter worth approximately $28,000. Picton Mahoney Asset Management lifted its holdings in First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after buying an additional 514 shares during the period. Blue Trust Inc. boosted its position in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in First BanCorp. during the third quarter valued at $66,000. Finally, Smartleaf Asset Management LLC increased its holdings in First BanCorp. by 394.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock worth $70,000 after purchasing an additional 3,032 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Up 0.8 %

Shares of NYSE:FBP opened at $17.72 on Friday. The business’s 50 day moving average is $18.99 and its 200 day moving average is $19.68. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 1.34 and a beta of 0.90. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share 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 quarter in the previous year, the firm 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 company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 4.06%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s dividend payout ratio is presently 39.78%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of research reports. Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Wells Fargo & Company upgraded shares of First BanCorp. from an “equal weight” rating to an “overweight” rating and set a $20.00 price target for the company in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.40.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total value of $951,203.69. Following the completion of the transaction, the executive vice president now owns 186,543 shares in the company, valued at $3,874,498.11. This represents a 19.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.

About First BanCorp.

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.