First BanCorp. (NYSE:FBP) Announces Quarterly Earnings Results, Beats Estimates By $0.14 EPS

First BanCorp. (NYSE:FBPGet Free Report) posted its quarterly earnings results on Wednesday. The bank reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.14, Briefing.com reports. First BanCorp. had a return on equity of 22.13% and a net margin of 26.19%. The firm had revenue of $299.09 million for the quarter, compared to analyst estimates of $227.75 million. During the same period in the previous year, the firm earned $0.40 earnings per share.

First BanCorp. Trading Up 1.3 %

NYSE:FBP traded up $0.22 on Friday, reaching $17.04. The company’s stock had a trading volume of 361,265 shares, compared to its average volume of 1,046,485. First BanCorp. has a 1-year low of $10.18 and a 1-year high of $17.15. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $2.94 billion, a PE ratio of 9.89, a PEG ratio of 4.87 and a beta of 1.23. The business’s 50-day moving average price is $15.93 and its two-hundred day moving average price is $14.62.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 24th were given a $0.14 dividend. The ex-dividend date was Wednesday, November 22nd. This represents a $0.56 annualized dividend and a dividend yield of 3.29%. First BanCorp.’s dividend payout ratio is currently 32.94%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FBP shares. StockNews.com assumed coverage on First BanCorp. in a research note on Thursday, October 5th. They set a “hold” rating for the company. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $18.50 to $19.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company raised their price target on First BanCorp. from $12.50 to $13.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. Finally, Bank of America dropped their price target on First BanCorp. from $17.00 to $16.00 in a report on Tuesday, October 10th.

Get Our Latest Research Report on FBP

Insider Buying and Selling at First BanCorp.

In other news, EVP Carlos Power sold 9,433 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $16.50, for a total transaction of $155,644.50. Following the completion of the transaction, the executive vice president now directly owns 246,793 shares of the company’s stock, valued at $4,072,084.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Carlos Power sold 9,433 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $16.50, for a total transaction of $155,644.50. Following the sale, the executive vice president now owns 246,793 shares in the company, valued at $4,072,084.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $15.79, for a total value of $789,500.00. Following the sale, the chief executive officer now owns 1,176,325 shares in the company, valued at approximately $18,574,171.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 139,433 shares of company stock valued at $2,207,895. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently made changes to their positions in FBP. Wellington Management Group LLP acquired a new stake in shares of First BanCorp. in the 3rd quarter valued at $616,000. Walleye Capital LLC bought a new position in shares of First BanCorp. in the 3rd quarter worth about $184,000. Diversified Trust Co bought a new position in shares of First BanCorp. in the 3rd quarter worth about $157,000. The Manufacturers Life Insurance Company raised its position in shares of First BanCorp. by 23.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 87,753 shares of the bank’s stock worth $1,181,000 after acquiring an additional 16,618 shares in the last quarter. Finally, Royal Bank of Canada raised its position in shares of First BanCorp. by 39.5% in the 3rd quarter. Royal Bank of Canada now owns 32,829 shares of the bank’s stock worth $442,000 after acquiring an additional 9,290 shares in the last quarter. Institutional investors own 91.80% of the company’s stock.

First BanCorp. Company Profile

(Get Free Report)

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.

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Earnings History for First BanCorp. (NYSE:FBP)

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