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

First BanCorp. (NYSE:FBP) posted its earnings results on Thursday. The bank reported $0.46 earnings per share 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 business earned $0.46 EPS.

First BanCorp. Stock Down 0.5 %

NYSE FBP opened at $19.58 on Thursday. The stock has a market cap of $3.21 billion, a PE ratio of 10.82, a P/E/G ratio of 1.72 and a beta of 1.14. The business has a 50 day moving average price of $19.72 and a two-hundred day moving average price of $20.18. First BanCorp. has a fifty-two week low of $15.85 and a fifty-two week high of $22.40. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

First BanCorp. Increases Dividend

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

Analyst Ratings Changes

Several research firms have weighed in on FBP. Piper Sandler dropped their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Hovde Group reduced their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, Wells Fargo & Company cut their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.20.

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated 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. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

First BanCorp. Company Profile

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.