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

First BanCorp. (NYSE:FBP) posted its earnings results on Thursday. The bank reported $0.46 earnings per share (EPS) 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 quarter in the previous year, the firm earned $0.46 EPS.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $20.76 on Friday. The company has a 50 day simple moving average of $19.68 and a two-hundred day simple moving average of $20.18. First BanCorp. has a fifty-two week low of $15.95 and a fifty-two week high of $22.40. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 1.71 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, February 21st. This represents a $0.72 annualized dividend and a yield of 3.47%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is presently 35.36%.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. The trade was a 9.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FBP. Piper Sandler reduced their price objective on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company reduced 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 report on Monday, January 6th. Hovde Group lowered their price objective 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. Finally, Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.20.

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.