Maryland State Retirement & Pension System Has $1.03 Million Position in First BanCorp. (NYSE:FBP)

Maryland State Retirement & Pension System decreased its holdings in shares of First BanCorp. (NYSE:FBP) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,713 shares of the bank’s stock after selling 2,960 shares during the quarter. Maryland State Retirement & Pension System’s holdings in First BanCorp. were worth $1,032,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Xponance Inc. increased its position in First BanCorp. by 29.7% during the third quarter. Xponance Inc. now owns 18,548 shares of the bank’s stock worth $250,000 after acquiring an additional 4,247 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First BanCorp. by 15.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,709 shares of the bank’s stock worth $494,000 after acquiring an additional 4,839 shares during the period. Advisor Partners II LLC grew its holdings in shares of First BanCorp. by 4.8% during the 3rd quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock worth $229,000 after purchasing an additional 780 shares in the last quarter. TD Asset Management Inc increased its position in shares of First BanCorp. by 7.2% during the third quarter. TD Asset Management Inc now owns 113,100 shares of the bank’s stock valued at $1,522,000 after purchasing an additional 7,600 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of First BanCorp. in the third quarter valued at $829,000. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

Shares of First BanCorp. stock opened at $18.06 on Friday. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 1.48 and a beta of 1.16. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. First BanCorp. has a 1-year low of $10.56 and a 1-year high of $18.32. The firm’s 50-day moving average price is $17.16 and its two-hundred day moving average price is $16.23.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.38 by $0.06. The company had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, equities analysts predict that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Thursday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, May 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.54%. First BanCorp.’s payout ratio is currently 36.57%.

Insider Activity at First BanCorp.

In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Nayda Rivera sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total transaction of $256,800.00. Following the completion of the transaction, the executive vice president now owns 246,930 shares in the company, valued at $4,227,441.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the completion of the sale, the chief financial officer now owns 277,020 shares in the company, valued at $4,964,198.40. The disclosure for this sale can be found here. Insiders have sold a total of 150,000 shares of company stock worth $2,624,000 over the last 90 days. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th.

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.