First BanCorp. (NYSE:FBP) Shares Gap Up Following Better-Than-Expected Earnings

First BanCorp. (NYSE:FBP - Get Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. During the same period last year, the firm posted $0.46 EPS.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be given a dividend of $0.18 per share. This is an increase from First BanCorp.'s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.'s payout ratio is currently 39.78%.

Analysts Set New Price Targets

A number of research firms have recently commented on FBP. Wells Fargo & Company dropped their price objective on First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Keefe, Bruyette & Woods upped their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday. 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 research report on Thursday, October 24th. Finally, Hovde Group decreased their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $22.40.

Insiders Place Their Bets

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The shares were 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 owns 236,490 shares of the company's stock, valued at approximately $5,011,223.10. The trade was a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. EMC Capital Management increased its holdings in shares of First BanCorp. by 129.9% during the 4th quarter. EMC Capital Management now owns 22,904 shares of the bank's stock worth $426,000 after purchasing an additional 12,943 shares during the period. R Squared Ltd bought a new stake in First BanCorp. in the fourth quarter valued at about $28,000. KBC Group NV increased its stake in First BanCorp. by 61.7% in the fourth quarter. KBC Group NV now owns 8,464 shares of the bank's stock valued at $157,000 after acquiring an additional 3,230 shares during the period. Blue Trust Inc. increased its stake in First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock valued at $42,000 after acquiring an additional 542 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in First BanCorp. by 21.0% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 16,338 shares of the bank's stock valued at $304,000 after acquiring an additional 2,837 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

First BanCorp. Stock Performance

The firm has a market cap of $3.37 billion, a P/E ratio of 11.36, a PEG ratio of 1.71 and a beta of 1.14. The stock's 50 day moving average is $19.68 and its two-hundred day moving average is $20.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78.

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.