First BanCorp. (FBP) to Issue Quarterly Dividend of $0.16 on December 13th

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Wednesday, October 30th,RTT News reports. Investors of record on Friday, November 29th will be paid a dividend of 0.16 per share by the bank on Friday, December 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, November 29th.

First BanCorp. has increased its dividend payment by an average of 41.0% per year over the last three years. First BanCorp. has a payout ratio of 36.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect First BanCorp. to earn $1.78 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 36.0%.

First BanCorp. Stock Performance

Shares of FBP opened at $21.26 on Wednesday. The firm has a market capitalization of $3.48 billion, a PE ratio of 11.75, a P/E/G ratio of 1.95 and a beta of 1.11. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $20.55 and a 200 day moving average price of $19.72. First BanCorp. has a 52-week low of $14.72 and a 52-week high of $22.40.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The business had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Nayda Rivera sold 25,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the completion of the sale, the executive vice president now owns 236,490 shares in the company, valued at $5,011,223.10. This represents a 9.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares in the company, valued at $1,881,608.76. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FBP has been the topic of a number of research reports. Hovde Group dropped their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Piper Sandler cut their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. 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 on the stock in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.40.

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.