Gallacher Capital Management LLC Has $351,000 Stock Position in First BanCorp. (NYSE:FBP)

Gallacher Capital Management LLC increased its holdings in First BanCorp. (NYSE:FBP) by 70.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,323 shares of the bank’s stock after acquiring an additional 8,797 shares during the period. Gallacher Capital Management LLC’s holdings in First BanCorp. were worth $351,000 at the end of the most recent quarter.

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

Insider Transactions at First BanCorp.

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the transaction, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at $4,964,198.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $858,500.00. Following the transaction, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The disclosure for this sale can be found here. Insiders have sold a total of 150,000 shares of company stock valued at $2,624,000 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FBP has been the topic of a number of recent research reports. Wells Fargo & Company increased their price objective on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th.

First BanCorp. Trading Down 0.2 %

Shares of NYSE FBP traded down $0.04 during midday trading on Monday, reaching $18.04. The company had a trading volume of 749,779 shares, compared to its average volume of 1,099,684. The stock has a market cap of $3.05 billion, a PE ratio of 10.33, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. First BanCorp. has a one year low of $10.56 and a one year high of $18.32. The firm’s fifty day moving average price is $17.06 and its 200-day moving average price is $16.14. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. The firm had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same quarter in the prior year, the firm posted $0.39 earnings per share. On average, equities research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, May 29th. This represents a $0.64 dividend on an annualized basis and a yield of 3.55%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

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.