First BanCorp. to Issue Quarterly Dividend of $0.20 (NYSE:FBP)

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Wednesday, April 22nd. Shareholders of record on Thursday, May 28th will be given a dividend of 0.20 per share by the bank on Friday, June 12th. This represents a c) dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, May 28th.

First BanCorp. has increased its dividend payment by an average of 0.3%per year over the last three years and has increased its dividend annually for the last 6 consecutive years. First BanCorp. has a payout ratio of 37.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect First BanCorp. to earn $2.33 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 34.3%.

First BanCorp. Trading Down 1.8%

First BanCorp. stock opened at $23.60 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $21.75 and a two-hundred day moving average price of $21.22. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 1.94 and a beta of 0.83. First BanCorp. has a 52-week low of $18.74 and a 52-week high of $24.14.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to analyst estimates of $263.54 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the previous year, the business posted $0.47 EPS. Sell-side analysts expect that First BanCorp. will post 2.17 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Roberto R. Herencia sold 4,723 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. This represents a 0.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 34,122 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of First BanCorp.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of First BanCorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 21,467,300 shares of the bank’s stock worth $445,017,000 after purchasing an additional 413,557 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of First BanCorp. by 3.0% in the 4th quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank’s stock worth $89,850,000 after purchasing an additional 126,532 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of First BanCorp. by 4.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank’s stock worth $75,856,000 after purchasing an additional 171,580 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after purchasing an additional 548,164 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of First BanCorp. in the 4th quarter worth approximately $42,138,000. 97.91% of the stock is currently owned by institutional investors.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.