First BanCorp. (NYSE:FBP) Hits New 52-Week High on Earnings Beat

First BanCorp. (NYSE:FBP)’s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $17.72 and last traded at $17.70, with a volume of 695542 shares changing hands. The stock had previously closed at $17.16.

The bank reported $0.44 EPS for the quarter, topping the consensus estimate of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The business had revenue of $302.49 million during the quarter, compared to analyst estimates of $229.19 million. During the same period last year, the business posted $0.39 earnings per share.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.16 dividend. The ex-dividend date was Thursday, February 22nd. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 3.64%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Analyst Ratings Changes

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

Insiders Place Their Bets

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

Institutional Trading of First BanCorp.

Several hedge funds have recently bought and sold shares of FBP. Norges Bank bought a new position in First BanCorp. during the 4th quarter valued at about $32,590,000. Wellington Management Group LLP grew its holdings in First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock valued at $17,101,000 after purchasing an additional 993,819 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of First BanCorp. by 140.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank’s stock worth $12,246,000 after acquiring an additional 531,654 shares during the period. FMR LLC increased its position in shares of First BanCorp. by 4.3% during the third quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock worth $165,408,000 after acquiring an additional 505,003 shares during the period. Finally, Invesco Ltd. increased its position in shares of First BanCorp. by 32.0% during the third quarter. Invesco Ltd. now owns 1,034,059 shares of the bank’s stock worth $13,918,000 after acquiring an additional 250,577 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Down 0.7 %

The firm has a market capitalization of $2.98 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. The stock’s 50-day moving average price is $16.94 and its 200 day moving average price is $15.94. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

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.