First BanCorp. (NYSE:FBP) Announces Quarterly Earnings Results

First BanCorp. (NYSE:FBP) posted its quarterly earnings data on Thursday. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05, Zacks reports. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same quarter last year, the firm earned $0.46 earnings per share.

First BanCorp. Trading Down 0.5 %

Shares of FBP opened at $19.58 on Thursday. The stock has a 50 day simple moving average of $19.72 and a 200-day simple moving average of $20.18. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The stock has a market cap of $3.21 billion, a PE ratio of 10.82, a PEG ratio of 1.72 and a beta of 1.14. First BanCorp. has a 1 year low of $15.85 and a 1 year high of $22.40.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.68%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s payout ratio is presently 35.36%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FBP shares. Piper Sandler cut their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company lowered their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, Hovde Group cut their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Two investment 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

Insiders Place Their Bets

In other news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the completion of the sale, the executive vice president now owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.50% of the company’s stock.

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.