First BanCorp. (NYSE:FBP) Sets New 52-Week High on Better-Than-Expected Earnings

Shares of First BanCorp. (NYSE:FBP) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $17.72 and last traded at $17.70, with a volume of 695542 shares trading hands. The stock had previously closed at $17.16.

The bank reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.06. The firm had revenue of $302.49 million during the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a net margin of 26.19% and a return on equity of 21.62%. During the same period in the prior year, the company posted $0.39 earnings per share.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, February 22nd. First BanCorp.’s dividend payout ratio is 37.65%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wells Fargo & Company increased their price objective on 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 upped their target price on shares of First BanCorp. from $18.50 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th.

Insider Buying and Selling at First BanCorp.

In related news, EVP Nayda Rivera sold 15,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Nayda Rivera sold 15,000 shares of First BanCorp. stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the transaction, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at approximately $4,227,441.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Crespo Luz sold 10,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $16.47, for a total transaction of $164,700.00. Following the sale, the director now directly owns 50,055 shares of the company’s stock, valued at approximately $824,405.85. The disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock worth $2,278,784 in the last 90 days. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FBP. FMR LLC lifted its holdings in First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock worth $165,408,000 after buying an additional 505,003 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in First BanCorp. by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock valued at $166,095,000 after purchasing an additional 65,021 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in First BanCorp. by 3.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after purchasing an additional 116,642 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in First BanCorp. by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after purchasing an additional 52,384 shares in the last quarter. Finally, Norges Bank purchased a new stake in First BanCorp. during the 4th quarter worth approximately $32,590,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 1.56 and a beta of 1.16. The stock has a 50-day simple moving average of $16.90 and a 200-day simple moving average of $15.92.

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.