First BanCorp. (NYSE:FBP) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

First BanCorp. (NYSE:FBP) posted 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 net margin of 26.19% and a return on equity of 21.62%. The firm had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same period in the previous year, the firm posted $0.39 EPS.

First BanCorp. Trading Up 1.5 %

FBP traded up $0.26 during midday trading on Wednesday, reaching $17.42. 71,881 shares of the company’s stock traded hands, compared to its average volume of 1,109,818. 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 stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 10.23, a P/E/G ratio of 1.56 and a beta of 1.16. The firm has a fifty day moving average of $16.90 and a two-hundred day moving average of $15.92. First BanCorp. has a 52 week low of $10.18 and a 52 week high of $17.70.

First BanCorp. Increases Dividend

The company 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. The ex-dividend date was Thursday, February 22nd. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 3.67%. First BanCorp.’s payout ratio is presently 37.65%.

Wall Street Analyst Weigh In

FBP has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target on shares of 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 lifted their price target on shares of First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th.

Insider Activity

In related news, Director Crespo Luz sold 10,000 shares of the business’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 transaction, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Crespo Luz sold 10,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the sale, the director now owns 50,055 shares of the company’s stock, valued at $824,405.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nayda Rivera sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total transaction of $256,800.00. Following the sale, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The disclosure for this sale can be found here. Insiders have sold 132,600 shares of company stock valued at $2,278,784 in the last ninety days. 2.50% of the stock is currently owned by company 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.