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

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Wednesday, October 30th,RTT News reports. Shareholders of record on Friday, November 29th will be paid a dividend of 0.16 per share by the bank on Friday, December 13th. This represents a $0.64 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Friday, November 29th.

First BanCorp. has increased its dividend by an average of 41.0% per year over the last three years. First BanCorp. has a dividend payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First BanCorp. to earn $1.78 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 36.0%.

First BanCorp. Stock Down 0.7 %

Shares of NYSE:FBP opened at $21.11 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $3.46 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.95 and a beta of 1.11. First BanCorp. has a 52-week low of $14.72 and a 52-week high of $22.40. The stock’s fifty day simple moving average is $20.56 and its 200-day simple moving average is $19.73.

First BanCorp. (NYSE:FBP) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.46 EPS. As a group, equities research analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FBP has been the subject of several analyst reports. Piper Sandler cut their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Wells Fargo & Company dropped their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Finally, Hovde Group decreased their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.40.

Insider Activity

In other news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 of the company’s stock, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their position. The disclosure for this sale can be found here. 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.