Brandywine Global Investment Management LLC Sells 9,006 Shares of First BanCorp. (NYSE:FBP)

Brandywine Global Investment Management LLC cut its holdings in shares of First BanCorp. (NYSE:FBP) by 4.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 202,132 shares of the bank’s stock after selling 9,006 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in First BanCorp. were worth $3,758,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in First BanCorp. by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 21,462,121 shares of the bank’s stock worth $398,981,000 after buying an additional 63,304 shares in the last quarter. State Street Corp lifted its position in shares of First BanCorp. by 3.9% during the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after acquiring an additional 347,271 shares during the period. American Century Companies Inc. grew its holdings in shares of First BanCorp. by 1.2% during the 4th quarter. American Century Companies Inc. now owns 6,724,074 shares of the bank’s stock worth $125,001,000 after purchasing an additional 78,129 shares in the last quarter. Geode Capital Management LLC increased its position in shares of First BanCorp. by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares during the period. Finally, Norges Bank acquired a new position in First BanCorp. in the fourth quarter valued at about $35,275,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First BanCorp.

In other news, EVP Carlos Power sold 45,797 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69. Following the sale, the executive vice president now directly owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.50% of the company’s stock.

First BanCorp. Stock Performance

NYSE:FBP opened at $19.18 on Wednesday. First BanCorp. has a twelve month low of $10.10 and a twelve month high of $22.40. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $19.57 and its 200 day simple moving average is $19.87. The firm has a market capitalization of $3.14 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same period in the prior year, the company posted $0.46 EPS. On average, analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date was Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is presently 39.78%.

Wall Street Analyst Weigh In

FBP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and an average target price of $22.40.

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.