First BanCorp. (NYSE:FBP) Declares Quarterly Dividend of $0.16

First BanCorp. (NYSE:FBPGet Free Report) announced a quarterly dividend on Thursday, February 8th, Zacks reports. Investors of record on Friday, February 23rd will be given a dividend of 0.16 per share by the bank on Friday, March 8th. This represents a $0.64 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Thursday, February 22nd. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14.

First BanCorp. has raised its dividend payment by an average of 41.0% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. First BanCorp. has a payout ratio of 30.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First BanCorp. to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 30.4%.

First BanCorp. Stock Performance

FBP opened at $16.87 on Friday. First BanCorp. has a 52-week low of $10.18 and a 52-week high of $17.44. The firm has a market capitalization of $2.91 billion, a PE ratio of 9.92, a PEG ratio of 1.45 and a beta of 1.17. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.76. The business’s 50-day simple moving average is $16.30 and its 200 day simple moving average is $14.88.

First BanCorp. (NYSE:FBPGet Free Report) last released its earnings results on Wednesday, January 24th. The bank reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.14. First BanCorp. had a return on equity of 21.62% and a net margin of 26.19%. The business had revenue of $299.09 million for the quarter, compared to analyst estimates of $227.75 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. As a group, sell-side analysts expect that First BanCorp. will post 1.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

FBP has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Wells Fargo & Company upped their price objective on First BanCorp. from $12.50 to $13.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th.

Check Out Our Latest Analysis on FBP

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $15.76, for a total transaction of $236,400.00. Following the transaction, the executive vice president now owns 261,910 shares in the company, valued at $4,127,701.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Nayda Rivera sold 15,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $15.76, for a total transaction of $236,400.00. Following the transaction, the executive vice president now owns 261,910 shares in the company, valued at $4,127,701.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Donald Kafka sold 65,000 shares of the stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $15.79, for a total value of $1,026,350.00. Following the transaction, the chief operating officer now owns 213,486 shares in the company, valued at approximately $3,370,943.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 197,033 shares of company stock worth $3,206,679. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc grew its position in First BanCorp. by 32.4% during the fourth quarter. Legal & General Group Plc now owns 2,863 shares of the bank’s stock worth $36,000 after buying an additional 700 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of First BanCorp. by 56.1% in the 2nd quarter. Lazard Asset Management LLC now owns 4,296 shares of the bank’s stock valued at $52,000 after purchasing an additional 1,544 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of First BanCorp. in the 2nd quarter valued at $126,000. Tower Research Capital LLC TRC boosted its holdings in shares of First BanCorp. by 151.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,453 shares of the bank’s stock valued at $127,000 after purchasing an additional 5,695 shares in the last quarter. Finally, Shay Capital LLC acquired a new stake in shares of First BanCorp. in the 1st quarter valued at $131,000. Institutional investors and hedge funds own 91.80% of the company’s stock.

About First BanCorp.

(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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Dividend History for First BanCorp. (NYSE:FBP)

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