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

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 30th will be given a dividend of 0.16 per share by the bank on Friday, June 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Thursday, May 30th.

First BanCorp. has increased its dividend by an average of 41.0% per year over the last three years and has increased its dividend every year for the last 4 years. First BanCorp. has a dividend payout ratio of 35.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First BanCorp. to earn $1.84 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 34.8%.

First BanCorp. Price Performance

Shares of NYSE FBP traded down $0.34 during mid-day trading on Friday, reaching $17.24. 879,304 shares of the company traded hands, compared to its average volume of 862,253. First BanCorp. has a fifty-two week low of $10.18 and a fifty-two week high of $17.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market cap of $2.92 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16. The stock has a fifty day simple moving average of $16.95 and a 200-day simple moving average of $15.97.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The business had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. During the same quarter last year, the business earned $0.39 earnings per share. Equities research analysts anticipate that First BanCorp. will post 1.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total transaction of $858,500.00. Following the completion of the transaction, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,126,325 shares in the company, valued at $19,339,000.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 57,600 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the completion of the transaction, the executive vice president now owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock valued at $2,278,784 over the last quarter. Insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FBP shares. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday.

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.