First BanCorp. (NYSE:FBP) Posts Quarterly Earnings Results

First BanCorp. (NYSE:FBP - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.05, Zacks reports. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same quarter in the previous year, the business earned $0.46 EPS.

First BanCorp. Stock Performance

Shares of FBP stock traded up $1.17 during trading hours on Thursday, reaching $20.76. The stock had a trading volume of 1,774,649 shares, compared to its average volume of 1,078,904. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. First BanCorp. has a twelve month low of $15.95 and a twelve month high of $22.40. The firm has a 50-day simple moving average of $19.68 and a 200-day simple moving average of $20.18. The firm has a market capitalization of $3.40 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.47%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.'s dividend payout ratio is 35.36%.

Insider Buying and Selling

In related news, EVP Nayda Rivera sold 25,000 shares of the 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 sale, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FBP shares. Piper Sandler reduced their price target 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 target price 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 reduced their target price on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target 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.