Jennison Associates LLC Makes New Investment in First BanCorp. (NYSE:FBP)

Jennison Associates LLC bought a new position in shares of First BanCorp. (NYSE:FBP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 85,443 shares of the bank’s stock, valued at approximately $1,124,000.

Several other large investors have also modified their holdings of FBP. Healthcare of Ontario Pension Plan Trust Fund grew its position in First BanCorp. by 31.0% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 988,900 shares of the bank’s stock valued at $11,788,000 after buying an additional 233,972 shares in the last quarter. Renaissance Technologies LLC lifted its stake in First BanCorp. by 86.6% during the second quarter. Renaissance Technologies LLC now owns 204,313 shares of the bank’s stock valued at $2,435,000 after buying an additional 94,800 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of First BanCorp. by 32.5% in the second quarter. Toronto Dominion Bank now owns 6,431 shares of the bank’s stock worth $77,000 after purchasing an additional 1,576 shares in the last quarter. Deutsche Bank AG lifted its position in shares of First BanCorp. by 7.6% in the third quarter. Deutsche Bank AG now owns 669,425 shares of the bank’s stock worth $8,803,000 after purchasing an additional 47,088 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of First BanCorp. by 45.8% in the second quarter. Nisa Investment Advisors LLC now owns 9,550 shares of the bank’s stock worth $114,000 after purchasing an additional 3,000 shares in the last quarter. 91.66% of the stock is currently owned by institutional investors.

A number of equities analysts recently commented on the company. Wells Fargo & Company initiated coverage on First BanCorp. in a report on Tuesday, November 9th. They issued an “overweight” rating and a $16.00 price objective on the stock. Zacks Investment Research upgraded shares of First BanCorp. from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Friday, January 7th. Finally, Hovde Group began coverage on First BanCorp. in a research report on Monday, December 20th. They issued an “outperform” rating and a $17.00 target price for the company.

First BanCorp. stock opened at $16.39 on Friday. The firm has a market capitalization of $3.37 billion, a P/E ratio of 13.66, a PEG ratio of 0.25 and a beta of 1.29. First BanCorp. has a 1 year low of $8.88 and a 1 year high of $16.40. The business has a 50-day moving average of $14.09 and a 200-day moving average of $13.17. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.23.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Sunday, October 24th. The bank reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.06. First BanCorp. had a return on equity of 12.89% and a net margin of 27.97%. The business had revenue of $214.69 million for the quarter, compared to analysts’ expectations of $208.92 million. During the same quarter in the previous year, the business posted $0.10 EPS. Research analysts anticipate that First BanCorp. will post 1.37 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Friday, November 26th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, November 24th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.07. First BanCorp.’s dividend payout ratio is currently 33.33%.

In related news, CEO Aurelio Aleman sold 65,000 shares of the company’s stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $14.64, for a total transaction of $951,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nayda Rivera sold 10,034 shares of the stock in a transaction dated Tuesday, October 26th. The shares were sold at an average price of $14.89, for a total value of $149,406.26. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

First BanCorp. Profile

First BanCorp (Puerto Rico) is a holding company, which engages in the provision of personal, commercial, and corporate banking services through its subsidiaries. It operates through the following segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.

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Institutional Ownership by Quarter for First BanCorp. (NYSE:FBP)

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