Bridgeway Capital Management LLC Buys 51,400 Shares of First BanCorp. (NYSE:FBP)

Bridgeway Capital Management LLC increased its stake in shares of First BanCorp. (NYSE:FBP) by 61.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 134,500 shares of the bank’s stock after buying an additional 51,400 shares during the period. Bridgeway Capital Management LLC’s holdings in First BanCorp. were worth $2,500,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Wells Fargo & Company MN boosted its holdings in shares of First BanCorp. by 28.7% during the fourth quarter. Wells Fargo & Company MN now owns 98,810 shares of the bank’s stock worth $1,837,000 after acquiring an additional 22,012 shares during the period. Principal Financial Group Inc. grew its holdings in First BanCorp. by 4.2% in the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock valued at $17,216,000 after buying an additional 37,432 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in First BanCorp. during the 4th quarter worth $4,792,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First BanCorp. by 52.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,797 shares of the bank’s stock worth $1,149,000 after buying an additional 21,213 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of First BanCorp. in the fourth quarter valued at about $420,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Price Performance

FBP stock opened at $20.08 on Friday. The company’s 50-day moving average price is $18.68 and its two-hundred day moving average price is $19.50. The firm has a market cap of $3.28 billion, a P/E ratio of 11.09, a P/E/G ratio of 1.34 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. The business had revenue of $248.13 million for the quarter, compared to analysts’ expectations of $243.08 million. During the same period last year, the firm posted $0.44 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 29th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, May 29th. This represents a $0.72 annualized dividend and a dividend yield of 3.59%. First BanCorp.’s dividend payout ratio is currently 39.13%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus price target of $22.80.

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.