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Russell Investments Group Ltd. Acquires 109,115 Shares of First BanCorp. (NYSE:FBP)

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Russell Investments Group Ltd. boosted its holdings in First BanCorp. (NYSE:FBP) by 22.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 604,586 shares of the bank’s stock after purchasing an additional 109,115 shares during the quarter. Russell Investments Group Ltd. owned about 0.29% of First BanCorp. worth $7,947,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FBP. First Trust Advisors LP increased its holdings in First BanCorp. by 69.9% in the first quarter. First Trust Advisors LP now owns 99,743 shares of the bank’s stock worth $1,143,000 after purchasing an additional 41,052 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in First BanCorp. by 14.9% in the second quarter. Envestnet Asset Management Inc. now owns 72,738 shares of the bank’s stock worth $867,000 after purchasing an additional 9,441 shares in the last quarter. Sei Investments Co. increased its holdings in First BanCorp. by 103.1% in the second quarter. Sei Investments Co. now owns 172,604 shares of the bank’s stock worth $2,057,000 after purchasing an additional 87,620 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in 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. Finally, Citigroup Inc. increased its holdings in shares of First BanCorp. by 2.0% during the second quarter. Citigroup Inc. now owns 344,734 shares of the bank’s stock valued at $4,109,000 after acquiring an additional 6,636 shares in the last quarter. Institutional investors and hedge funds own 91.66% of the company’s stock.

NYSE FBP opened at $16.39 on Friday. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 0.25 and a beta of 1.29. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.23. First BanCorp. has a 52 week low of $8.88 and a 52 week high of $16.40. The business has a 50 day moving average price of $14.09 and a 200-day moving average price of $13.17.

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

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

In related news, CEO Aurelio Aleman sold 65,000 shares of First BanCorp. stock in a transaction that occurred 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 legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nayda Rivera sold 10,034 shares of the business’s stock in a transaction on Tuesday, October 26th. The stock was 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. 2.30% of the stock is owned by insiders.

FBP has been the subject of several recent research reports. Wells Fargo & Company initiated coverage on First BanCorp. in a report on Tuesday, November 9th. They set an “overweight” rating and a $16.00 price objective for the company. Zacks Investment Research upgraded First BanCorp. from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a report on Friday, January 7th. Finally, Hovde Group initiated coverage on First BanCorp. in a report on Monday, December 20th. They set an “outperform” rating and a $17.00 price objective for the company.

About First BanCorp.

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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