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

First BanCorp. (NYSE:FBP) posted its quarterly earnings data on Tuesday. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05, Briefing.com reports. The business had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the company earned $0.37 earnings per share.

First BanCorp. Price Performance

Shares of NYSE FBP opened at $21.79 on Friday. The firm has a market cap of $3.63 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 1-year low of $12.72 and a 1-year high of $22.06. The business’s 50 day moving average is $18.37 and its 200-day moving average is $17.42.

First BanCorp. Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 29th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.94%. First BanCorp.’s payout ratio is 36.57%.

Wall Street Analysts Forecast Growth

FBP has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Hovde Group increased their price target on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday. Wells Fargo & Company increased their price target on First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Transactions at First BanCorp.

In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now owns 277,020 shares in the company, valued at approximately $4,964,198.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares in the company, valued at approximately $3,807,786.09. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the sale, the chief financial officer now directly owns 277,020 shares in the company, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,277 shares of company stock worth $2,529,539. Company 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.