First BanCorp. (NYSE:FBP) to Issue Dividend Increase – $0.18 Per Share

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Tuesday, January 21st,RTT News reports. Investors of record on Friday, February 21st will be given a dividend of 0.18 per share by the bank on Friday, March 7th. This represents a $0.72 annualized dividend and a yield of 3.66%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16.

First BanCorp. has increased its dividend by an average of 27.3% annually over the last three years. First BanCorp. has a dividend payout ratio of 31.2% meaning its dividend is sufficiently covered by earnings. Analysts expect First BanCorp. to earn $1.80 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 35.6%.

First BanCorp. Stock Performance

FBP traded up $0.03 during midday trading on Tuesday, hitting $19.70. 1,149,788 shares of the company traded hands, compared to its average volume of 996,782. The company’s 50-day moving average is $19.75 and its 200 day moving average is $20.17. 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 firm has a market capitalization of $3.23 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. First BanCorp. has a 52 week low of $15.78 and a 52 week high of $22.40.

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 analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. The firm had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same period last year, the business posted $0.46 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, research analysts expect that First BanCorp. will post 1.76 EPS for the current year.

Insider Transactions at First BanCorp.

In other news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the sale, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FBP shares. Hovde Group reduced their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler dropped their price objective on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Wells Fargo & Company decreased their target price on 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 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, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

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.