GAMMA Investing LLC Makes New Investment in First BanCorp. $FBP

GAMMA Investing LLC purchased a new position in First BanCorp. (NYSE:FBP) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,385 shares of the bank’s stock, valued at approximately $29,000.

A number of other large investors have also bought and sold shares of the stock. Wellington Management Group LLP acquired a new position in shares of First BanCorp. during the first quarter valued at about $28,344,000. Nuveen LLC acquired a new position in shares of First BanCorp. during the first quarter valued at about $15,963,000. Millennium Management LLC grew its holdings in shares of First BanCorp. by 61.2% during the first quarter. Millennium Management LLC now owns 1,528,642 shares of the bank’s stock valued at $29,304,000 after buying an additional 580,489 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of First BanCorp. by 1,445.7% during the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock valued at $8,249,000 after buying an additional 402,488 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of First BanCorp. by 3.0% during the first quarter. American Century Companies Inc. now owns 6,925,748 shares of the bank’s stock valued at $132,767,000 after buying an additional 201,674 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

First BanCorp. Stock Performance

NYSE FBP opened at $22.04 on Monday. The company’s 50 day moving average is $21.62 and its 200-day moving average is $20.56. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60. 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 firm has a market cap of $3.54 billion, a P/E ratio of 11.72, a price-to-earnings-growth ratio of 1.37 and a beta of 0.93.

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

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 4.2%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is 38.30%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FBP shares. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Saturday, September 27th. Wells Fargo & Company lifted their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Insider Activity

In other news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the sale, the chief executive officer owned 1,059,547 shares of the company’s stock, valued at $23,627,898.10. The trade was a 4.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

First BanCorp. 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.