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

First BanCorp. (NYSE:FBP) released its earnings results on Thursday. The bank reported $0.46 earnings per share (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 in the prior year, the firm posted $0.46 EPS.

First BanCorp. Stock Down 0.5 %

Shares of FBP stock opened at $19.58 on Thursday. First BanCorp. has a 52-week low of $15.85 and a 52-week high of $22.40. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 1.72 and a beta of 1.14. The firm’s 50-day moving average is $19.72 and its 200-day moving average is $20.18. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78.

First BanCorp. Increases Dividend

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

Insiders Place Their Bets

In related news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $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 available through this link. Company insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on FBP shares. Hovde Group decreased their price objective 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. Keefe, Bruyette & Woods increased their price target on shares of 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 decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Finally, Piper Sandler cut their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average price target of $22.20.

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.