First BanCorp. (NYSE:FBP) Shares Gap Up on Strong Earnings

First BanCorp. (NYSE:FBP) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.59, but opened at $20.01. First BanCorp. shares last traded at $20.92, with a volume of 80,015 shares.

The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same period in the prior year, the firm posted $0.46 EPS.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be paid a $0.18 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is 35.36%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FBP shares. Keefe, Bruyette & Woods increased their price objective 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. Piper Sandler decreased 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. Hovde Group decreased their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wells Fargo & Company lowered their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and an average price target of $22.20.

Insider Buying and Selling at First BanCorp.

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

Hedge Funds Weigh In On First BanCorp.

Several institutional investors and hedge funds have recently made changes to their positions in FBP. Gladius Capital Management LP bought a new stake in First BanCorp. in the 3rd quarter valued at $25,000. R Squared Ltd bought a new stake in shares of First BanCorp. in the fourth quarter valued at about $28,000. Blue Trust Inc. raised its position in shares of First BanCorp. by 5,054.5% in the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after buying an additional 1,668 shares in the last quarter. CWM LLC raised its holdings in First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of First BanCorp. during the 3rd quarter valued at $66,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Trading Up 6.6 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. The firm has a fifty day moving average price of $19.72 and a 200-day moving average price of $20.18.

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.