First BanCorp. (NYSE:FBP) Announces Quarterly Dividend of $0.18

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Tuesday, January 21st,RTT News reports. Shareholders of record on Friday, February 21st will be given a dividend of 0.18 per share by the bank on Friday, March 7th. This represents a $0.72 annualized dividend and a yield of 3.50%. The ex-dividend date is Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16.

First BanCorp. has increased its dividend by an average of 27.3% annually over the last three years. First BanCorp. has a dividend payout ratio of 34.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First BanCorp. to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.3%.

First BanCorp. Stock Up 0.7 %

FBP opened at $20.55 on Wednesday. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.36 and a beta of 1.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm’s 50-day simple moving average is $19.62 and its 200-day simple moving average is $20.21. First BanCorp. has a twelve month low of $16.24 and a twelve month high of $22.40.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.37% and a return on equity of 18.89%. During the same quarter in the previous year, the business earned $0.46 EPS. Equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insider Activity

In related news, EVP Carlos Power sold 45,797 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $20.77, for a total transaction of $951,203.69. Following the completion of the sale, the executive vice president now directly owns 186,543 shares of the company’s stock, valued at $3,874,498.11. The trade was a 19.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FBP shares. Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Hovde Group reduced their price target 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, Wells Fargo & Company lowered their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.40.

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.