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

Key Points

• First BanCorp. beat earnings expectations, reporting quarterly EPS of $0.63 versus the $0.59 analyst consensus. Revenue was $260.12 million, below estimates of $274.32 million.
• The company raised its quarterly dividend from $0.20 to $0.25 per share, equivalent to an annualized dividend of $1.00 and a 3.6% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $29.86 price target, although insiders sold 46,350 shares worth approximately $1.33 million over the past 90 days.

First BanCorp. (NYSE:FBP - Get Free Report) issued its quarterly earnings results on Thursday. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.04, FiscalAI reports. First BanCorp. had a return on equity of 18.03% and a net margin of 29.24%. The firm had revenue of $260.12 million during the quarter, compared to analyst estimates of $274.32 million.

First BanCorp. Stock Performance

FBP traded up $0.20 during trading on Thursday, reaching $27.55. 798,357 shares of the company's stock were exchanged, compared to its average volume of 1,424,107. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80. First BanCorp. has a 1 year low of $19.16 and a 1 year high of $29.88. The company's fifty day simple moving average is $27.64 and its 200-day simple moving average is $26.19. The stock has a market capitalization of $4.21 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.84.

First BanCorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 27th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 3.6%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.20. First BanCorp.'s payout ratio is 33.76%.

Insider Buying and Selling at First BanCorp.

In related news, Director Roberto R. Herencia sold 26,350 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $28.48, for a total transaction of $750,448.00. Following the completion of the transaction, the director owned 610,669 shares of the company's stock, valued at $17,391,853.12. This trade represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nayda Rivera sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $28.19, for a total transaction of $281,900.00. Following the transaction, the executive vice president directly owned 230,398 shares of the company's stock, valued at approximately $6,494,919.62. This trade represents a 4.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 46,350 shares of company stock worth $1,328,248 over the last ninety days. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of First BanCorp. from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Keefe, Bruyette & Woods lifted their price objective on shares of First BanCorp. from $27.00 to $31.00 and gave the company a "market perform" rating in a report on Thursday, July 23rd. Zacks Research downgraded shares of First BanCorp. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 23rd. Weiss Ratings restated a "buy (a-)" rating on shares of First BanCorp. in a report on Thursday, August 27th. Finally, Wells Fargo & Company lowered their target price on First BanCorp. from $33.00 to $32.00 and set an "overweight" rating for the company in a report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.86.

About First BanCorp.

First BanCorp. is a bank holding company headquartered in San Juan, Puerto Rico. Its principal subsidiary, FirstBank Puerto Rico, provides a broad range of financial products and services to individuals, businesses and government-related entities. The company's offerings include consumer and commercial lending, residential mortgages, deposit accounts, cash-management services, credit cards, electronic banking and other financial solutions.

FirstBank serves customers through a network of branches, automated teller machines and digital banking channels.

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