First BanCorp. (NYSE:FBP) Shares Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management increased its position in First BanCorp. (NYSE:FBP) by 3,703.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,099 shares of the bank’s stock after acquiring an additional 58,519 shares during the period. Picton Mahoney Asset Management’s holdings in First BanCorp. were worth $1,153,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in First BanCorp. during the 4th quarter valued at $35,275,000. First Trust Advisors LP grew its holdings in First BanCorp. by 42.8% during the 4th quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank’s stock valued at $90,558,000 after buying an additional 1,460,789 shares during the last quarter. Millennium Management LLC grew its holdings in First BanCorp. by 381.9% during the 4th quarter. Millennium Management LLC now owns 948,153 shares of the bank’s stock valued at $17,626,000 after buying an additional 751,413 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of First BanCorp. during the fourth quarter worth $8,264,000. Finally, Voloridge Investment Management LLC boosted its holdings in shares of First BanCorp. by 132.7% during the fourth quarter. Voloridge Investment Management LLC now owns 733,276 shares of the bank’s stock worth $13,632,000 after purchasing an additional 418,168 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

FBP stock opened at $20.94 on Thursday. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.40. The stock’s fifty day simple moving average is $20.79 and its 200-day simple moving average is $19.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The business had revenue of $246.81 million for the quarter, compared to analysts’ expectations of $250.73 million. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%. During the same quarter last year, the firm earned $0.46 earnings per share. Equities research analysts expect that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Thursday, August 28th. First BanCorp.’s dividend payout ratio (DPR) is currently 38.30%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company raised their price objective on First BanCorp. from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th.

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.