Allianz Asset Management GmbH Buys 832 Shares of First BanCorp. (NYSE:FBP)

Allianz Asset Management GmbH grew its stake in shares of First BanCorp. (NYSE:FBP) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,400 shares of the bank’s stock after purchasing an additional 832 shares during the quarter. Allianz Asset Management GmbH’s holdings in First BanCorp. were worth $966,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jackson Creek Investment Advisors LLC acquired a new stake in First BanCorp. in the 1st quarter valued at about $1,481,000. Edgestream Partners L.P. raised its stake in First BanCorp. by 6.9% in the first quarter. Edgestream Partners L.P. now owns 392,688 shares of the bank’s stock valued at $7,528,000 after buying an additional 25,430 shares during the period. Xponance Inc. lifted its position in shares of First BanCorp. by 5.0% in the first quarter. Xponance Inc. now owns 12,191 shares of the bank’s stock valued at $234,000 after buying an additional 584 shares during the last quarter. Alps Advisors Inc. boosted its stake in shares of First BanCorp. by 12.3% during the 1st quarter. Alps Advisors Inc. now owns 19,624 shares of the bank’s stock worth $376,000 after acquiring an additional 2,148 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of First BanCorp. by 2.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 29,978 shares of the bank’s stock worth $575,000 after acquiring an additional 802 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP stock opened at $20.79 on Friday. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.40. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 1.24 and a beta of 0.93. The company has a 50-day simple moving average of $20.81 and a 200 day simple moving average of $19.90. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%. The company had revenue of $246.81 million during the quarter, compared to analysts’ expectations of $250.73 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. On average, sell-side analysts predict that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a $0.18 dividend. The ex-dividend date is Thursday, August 28th. This represents a $0.72 annualized dividend and a yield of 3.5%. First BanCorp.’s payout ratio is 38.30%.

Analyst Upgrades and Downgrades

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

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.