First BanCorp. (NYSE:FBP) Releases Earnings Results

First BanCorp. (NYSE:FBP) announced its quarterly earnings data on Thursday. The bank reported $0.46 EPS for the quarter, topping the consensus estimate 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 business posted $0.46 earnings per share.

First BanCorp. Trading Down 0.8 %

FBP opened at $20.57 on Friday. First BanCorp. has a fifty-two week low of $15.95 and a fifty-two week high of $22.40. The firm has a market capitalization of $3.37 billion, a PE ratio of 11.36, a P/E/G ratio of 1.71 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $19.67 and its 200 day moving average is $20.20.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

Analysts Set New Price Targets

Several research analysts recently issued reports on FBP shares. Hovde Group cut their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Piper Sandler cut their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Wells Fargo & Company dropped their price target 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. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.40.

Insider Buying and Selling at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.50% of the company’s stock.

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.