First BanCorp. (NYSE:FBP) Shares Gap Up After Strong Earnings

First BanCorp. (NYSE:FBP) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same period in the previous year, the company earned $0.46 earnings per share.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.45%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s dividend payout ratio is presently 35.36%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company decreased their target price on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Hovde Group cut their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Finally, Piper Sandler decreased their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus price target of $22.20.

Insider Buying and Selling

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the sale, the executive vice president now owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 9.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Several hedge funds have recently made changes to their positions in FBP. State Street Corp lifted its holdings in shares of First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after buying an additional 347,271 shares in the last quarter. Geode Capital Management LLC grew its position in shares of First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock valued at $92,879,000 after purchasing an additional 112,432 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of First BanCorp. by 1.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock worth $24,751,000 after purchasing an additional 16,432 shares during the period. Algert Global LLC raised its position in shares of First BanCorp. by 2.9% in the third quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after buying an additional 19,290 shares in the last quarter. Finally, Barclays PLC grew its position in First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after buying an additional 189,148 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Trading Up 6.6 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $3.42 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.72 and a beta of 1.14. The stock has a 50-day moving average price of $19.72 and a 200-day moving average price of $20.18.

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.