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

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Wednesday, October 30th, RTT News reports. Investors of record on Friday, November 29th will be given a dividend of 0.16 per share by the bank on Friday, December 13th. This represents a $0.64 annualized dividend and a yield of 3.29%.

First BanCorp. has raised its dividend by an average of 41.0% per year over the last three years. First BanCorp. has a payout ratio of 35.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First BanCorp. to earn $1.83 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 35.0%.

First BanCorp. Stock Up 0.4 %

Shares of NYSE:FBP opened at $19.43 on Thursday. 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 cap of $3.23 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.74 and a beta of 1.10. The stock’s 50-day moving average price is $20.53 and its two-hundred day moving average price is $19.26. First BanCorp. has a 12-month low of $13.18 and a 12-month high of $22.12.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The business had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same period last year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. On average, research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FBP shares. Piper Sandler lowered 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 note on Thursday, October 24th. Hovde Group reduced their target price on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company dropped their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Finally, Raymond James assumed coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.40.

Insider Activity at First BanCorp.

In related news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the completion of the sale, the executive vice president now directly owns 89,420 shares in the company, valued at approximately $1,935,943. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.50% of the company’s stock.

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.