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

First BanCorp. (NYSE:FBP) announced its quarterly earnings results on Tuesday. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06, Briefing.com reports. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The firm had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. During the same quarter last year, the firm earned $0.39 EPS.

First BanCorp. Trading Down 2.0 %

Shares of NYSE:FBP traded down $0.35 during trading on Thursday, reaching $17.35. 177,797 shares of the company were exchanged, compared to its average volume of 1,114,644. The firm has a market capitalization of $2.94 billion, a PE ratio of 9.97, a P/E/G ratio of 1.55 and a beta of 1.16. The business’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $15.93. First BanCorp. has a 12-month low of $10.18 and a 12-month high of $17.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, February 22nd. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.69%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Insider Transactions at First BanCorp.

In related news, Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now directly owns 50,055 shares of the company’s stock, valued at $824,405.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Nayda Rivera sold 15,000 shares of First BanCorp. stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total transaction of $256,800.00. Following the transaction, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now directly owns 50,055 shares in the company, valued at $824,405.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,600 shares of company stock valued at $2,278,784. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FBP. Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th.

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.