Teacher Retirement System of Texas Cuts Stock Holdings in First BanCorp. (NYSE:FBP)

Teacher Retirement System of Texas lessened its holdings in First BanCorp. (NYSE:FBP) by 2.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 131,820 shares of the bank’s stock after selling 3,478 shares during the quarter. Teacher Retirement System of Texas’ holdings in First BanCorp. were worth $2,451,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FBP. State Street Corp lifted its holdings in shares of First BanCorp. by 3.9% in the 3rd quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after buying an additional 347,271 shares during the period. Geode Capital Management LLC raised its position in 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 acquiring an additional 112,432 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in First BanCorp. by 1.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock valued at $24,751,000 after acquiring an additional 16,432 shares during the period. Principal Financial Group Inc. boosted its position in shares of First BanCorp. by 4.2% during the 4th quarter. Principal Financial Group Inc. now owns 926,097 shares of the bank’s stock worth $17,216,000 after purchasing an additional 37,432 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of First BanCorp. by 267.2% during the 4th quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after purchasing an additional 513,063 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

Shares of FBP opened at $19.44 on Thursday. First BanCorp. has a 12-month low of $16.25 and a 12-month high of $22.40. The stock has a market cap of $3.19 billion, a P/E ratio of 10.74, a PEG ratio of 1.34 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average of $19.60 and a two-hundred day moving average of $19.90.

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

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.70%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s dividend payout ratio (DPR) is presently 39.78%.

Wall Street Analyst Weigh In

A number of analysts recently commented on FBP shares. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.40.

Insider Buying and Selling

In related news, EVP Carlos Power sold 45,797 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the transaction, the executive vice president now owns 186,543 shares of the company’s stock, valued at approximately $3,874,498.11. This represents a 19.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.50% of the stock is currently owned by company insiders.

First BanCorp. Company 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.