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

First BanCorp. (NYSE:FBP) issued its earnings results on Thursday. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted $0.46 EPS.

First BanCorp. Stock Performance

FBP opened at $19.58 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $19.72 and its 200-day moving average is $20.18. The stock has a market cap of $3.21 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. First BanCorp. has a twelve month low of $15.85 and a twelve month high of $22.40.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a $0.18 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.68%. First BanCorp.’s dividend payout ratio is 35.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Hovde Group dropped their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler cut their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.20.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now directly owns 236,490 shares in the company, valued at $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.