Illinois Municipal Retirement Fund Sells 2,270 Shares of First BanCorp. (NYSE:FBP)

Illinois Municipal Retirement Fund lowered its position in First BanCorp. (NYSE:FBP) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 100,574 shares of the bank’s stock after selling 2,270 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of First BanCorp. worth $1,654,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Xponance Inc. lifted its holdings in shares of First BanCorp. by 29.7% in the 3rd quarter. Xponance Inc. now owns 18,548 shares of the bank’s stock worth $250,000 after purchasing an additional 4,247 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of First BanCorp. by 15.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,709 shares of the bank’s stock valued at $494,000 after buying an additional 4,839 shares during the last quarter. Advisor Partners II LLC grew its holdings in shares of First BanCorp. by 4.8% during the third quarter. Advisor Partners II LLC now owns 17,010 shares of the bank’s stock valued at $229,000 after buying an additional 780 shares during the last quarter. TD Asset Management Inc increased its position in shares of First BanCorp. by 7.2% during the third quarter. TD Asset Management Inc now owns 113,100 shares of the bank’s stock worth $1,522,000 after acquiring an additional 7,600 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in shares of First BanCorp. in the 3rd quarter worth about $829,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Down 1.9 %

First BanCorp. stock opened at $17.24 on Friday. First BanCorp. has a fifty-two week low of $10.18 and a fifty-two week high of $17.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.76 and a current ratio of 0.77. The firm’s 50-day simple moving average is $16.95 and its 200 day simple moving average is $15.97. The stock has a market cap of $2.92 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The business had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. Research analysts predict that First BanCorp. will post 1.69 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, February 22nd. This represents a $0.64 annualized dividend and a yield of 3.71%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio is presently 36.57%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company lifted their target price on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the transaction, the executive vice president now directly owns 98,501 shares in the company, valued at $1,708,007.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $17.34, for a total value of $998,784.00. Following the completion of the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Crespo Luz sold 10,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now directly owns 50,055 shares in the company, valued at approximately $824,405.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,600 shares of company stock worth $2,278,784. Insiders own 2.50% of the company’s stock.

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.