First BanCorp. (NYSE:FBP) Posts Earnings Results, Beats Estimates By $0.04 EPS

First BanCorp. (NYSE:FBP) released its quarterly earnings data on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04, Zacks reports. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. During the same quarter in the previous year, the firm posted $0.46 EPS.

First BanCorp. Trading Up 1.6%

Shares of First BanCorp. stock opened at $21.23 on Tuesday. The company’s fifty day simple moving average is $20.83 and its 200-day simple moving average is $21.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $22.60. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 10.33, a PEG ratio of 1.15 and a beta of 0.88.

First BanCorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be given a $0.20 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Thursday, February 26th. First BanCorp.’s payout ratio is 34.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $24.00 target price (down previously from $26.00) on shares of First BanCorp. in a report on Monday, October 27th. Wells Fargo & Company lowered their target price on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Piper Sandler initiated coverage on First BanCorp. in a research note on Thursday, January 15th. They issued a “neutral” rating and a $23.00 price objective for the company. Finally, Truist Financial dropped their price objective on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.80.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Verition Fund Management LLC increased its stake in shares of First BanCorp. by 31.6% in the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after acquiring an additional 548,164 shares during the last quarter. Qube Research & Technologies Ltd boosted its stake in First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after purchasing an additional 649,987 shares during the period. Boston Partners boosted its position in shares of First BanCorp. by 767.8% in the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after acquiring an additional 1,116,791 shares during the period. UBS Group AG increased its holdings in shares of First BanCorp. by 0.6% during the third quarter. UBS Group AG now owns 1,143,255 shares of the bank’s stock worth $25,209,000 after purchasing an additional 6,321 shares during the period. Finally, Millennium Management LLC raised its holdings in First BanCorp. by 1.2% in the 3rd quarter. Millennium Management LLC now owns 963,111 shares of the bank’s stock valued at $21,237,000 after acquiring an additional 11,652 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.