First BanCorp. (NYSE:FBP) Plans Quarterly Dividend of $0.16

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Monday, July 22nd, Zacks reports. Shareholders of record on Thursday, August 29th will be given a dividend of 0.16 per share by the bank on Friday, September 13th. This represents a $0.64 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Thursday, August 29th.

First BanCorp. has increased its dividend by an average of 41.0% per year over the last three years. First BanCorp. has a payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Analysts expect First BanCorp. to earn $1.95 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 32.8%.

First BanCorp. Price Performance

FBP stock opened at $21.19 on Tuesday. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $3.53 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The firm has a 50 day moving average of $19.67 and a 200-day moving average of $18.09.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The business had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. During the same period in the previous year, the business posted $0.37 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 1.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on FBP. Hovde Group lifted their price objective on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler assumed coverage on First BanCorp. in a research report on Monday. They set a “neutral” rating and a $22.00 price target for the company. Wells Fargo & Company lifted their price objective on First BanCorp. from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Raymond James initiated coverage on First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.83.

Insider Activity at First BanCorp.

In related news, COO Donald Kafka sold 50,000 shares of the firm’s 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 directly owns 174,589 shares of the company’s stock, valued at approximately $3,807,786.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

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.