First BanCorp. (NYSE:FBP) Announces Earnings Results

First BanCorp. (NYSE:FBP) released its earnings results on Tuesday. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06, Briefing.com reports. First BanCorp. had a return on equity of 21.62% and a net margin of 26.19%. 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 firm posted $0.39 earnings per share.

First BanCorp. Stock Up 1.0 %

NYSE FBP traded up $0.18 during trading on Wednesday, hitting $17.34. The company’s stock had a trading volume of 231,892 shares, compared to its average volume of 1,111,813. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market cap of $2.94 billion, a PE ratio of 10.23, a P/E/G ratio of 1.56 and a beta of 1.16. The business’s 50 day simple moving average is $16.90 and its 200-day simple moving average is $15.92. First BanCorp. has a fifty-two week low of $10.18 and a fifty-two week high of $17.70.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.69%. The ex-dividend date was Thursday, February 22nd. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s payout ratio is 37.65%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wells Fargo & Company raised their price target on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th.

Insiders Place Their Bets

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 1,126,325 shares of the company’s stock, valued at $19,339,000.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,126,325 shares in the company, valued at $19,339,000.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Crespo Luz sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the completion of the sale, the director now owns 50,055 shares in the company, valued at approximately $824,405.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,600 shares of company stock valued at $2,278,784. 2.50% of the stock is currently owned by corporate insiders.

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.