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

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Wednesday, October 30th,RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Friday, November 29th.

First BanCorp. has raised its dividend payment by an average of 41.0% per year over the last three years. First BanCorp. has a payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Equities research 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 Performance

Shares of FBP stock opened at $21.11 on Thursday. The company’s fifty day moving average price is $20.56 and its two-hundred day moving average price is $19.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The firm 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 12 month low of $14.72 and a 12 month high of $22.40.

First BanCorp. (NYSE:FBP) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The company had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. First BanCorp.’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 EPS. On average, research analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity at First BanCorp.

In related news, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the transaction, the executive vice president now owns 87,476 shares in the company, 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 through this hyperlink. Also, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction 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 in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.