First BanCorp. (NYSE:FBP) Plans Dividend Increase – $0.20 Per Share

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Monday, January 26th. Stockholders of record on Thursday, February 26th will be given a dividend of 0.20 per share by the bank on Friday, March 13th. This represents a c) annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Thursday, February 26th. This is a 11.1% increase from First BanCorp.’s previous quarterly dividend of $0.18.

First BanCorp. has raised its dividend by an average of 0.4%per year over the last three years and has increased its dividend annually for the last 6 consecutive years. First BanCorp. has a dividend payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First BanCorp. to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.3%.

First BanCorp. Stock Up 1.1%

NYSE FBP traded up $0.23 on Monday, reaching $20.89. The company had a trading volume of 1,232,115 shares, compared to its average volume of 1,292,617. The company’s fifty day moving average is $20.80 and its 200-day moving average is $21.10. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 1.15 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.80 and a current ratio of 0.81.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. The company had revenue of $248.71 million for the quarter, compared to the consensus estimate of $256.25 million. First BanCorp. had a net margin of 26.73% and a return on equity of 17.45%. During the same period last year, the company earned $0.45 earnings per share. On average, research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FBP. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday. UBS Group set a $25.00 price target on First BanCorp. in a research report on Thursday, October 9th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price target (down previously from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Truist Financial cut their target price on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, Wells Fargo & Company decreased their price target on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $23.80.

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.