First BanCorp. (NYSE:FBP) Increases Dividend to $0.18 Per Share

First BanCorp. (NYSE:FBP - Get Free Report) declared a quarterly dividend on Tuesday, January 21st,RTT News reports. Investors of record on Friday, February 21st will be paid a dividend of 0.18 per share by the bank on Friday, March 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.66%. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16.

First BanCorp. has increased its dividend by an average of 27.3% annually over the last three years. First BanCorp. has a dividend payout ratio of 31.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect First BanCorp. to earn $1.80 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 35.6%.

First BanCorp. Stock Up 0.1 %

Shares of First BanCorp. stock traded up $0.03 during trading hours on Tuesday, reaching $19.70. The company's stock had a trading volume of 1,149,788 shares, compared to its average volume of 996,782. The company has a market capitalization of $3.23 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.72 and a beta of 1.14. The stock's fifty day simple moving average is $19.75 and its two-hundred day simple moving average is $20.17. First BanCorp. has a one year low of $15.78 and a one year high of $22.40. 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. (NYSE:FBP - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million during 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 earnings per share. On average, research analysts forecast that First BanCorp. will post 1.76 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on FBP. Wells Fargo & Company dropped their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, January 6th. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Hovde Group cut 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, Piper Sandler lowered their target price on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating on the stock in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.20.

Insider Transactions at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $21.19, for a total transaction 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 Securities & Exchange Commission, which is available at this link. Company 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.

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