First BanCorp. (NYSE:FBP) Releases Earnings Results, Beats Estimates By $0.05 EPS

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

First BanCorp. Trading Down 0.8 %

Shares of 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 business has a 50-day moving average of $19.67 and a 200 day moving average of $20.20. The firm has a market cap of $3.37 billion, a P/E ratio of 11.36, a price-to-earnings-growth ratio of 1.71 and a beta of 1.14. 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. Stockholders of record on Friday, February 21st will be paid a dividend of $0.18 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 3.50%. First BanCorp.’s dividend payout ratio is presently 35.36%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FBP. Piper Sandler cut their price objective on 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 boosted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday. Hovde Group reduced their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wells Fargo & Company lowered their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.40.

Insider Buying and Selling at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.