First BanCorp. (NYSE:FBP) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Key Points

• First BanCorp. reported quarterly EPS of $0.62, beating analyst estimates by $0.08. The bank also posted a 28.31% net margin and 17.51% return on equity.
• The stock was trading up 0.6% at $27.59, near its 12-month high of $27.89. It has a market cap of about $4.27 billion and a dividend yield of 2.9%.
• First BanCorp. declared a quarterly dividend of $0.20 per share, payable on September 11 to shareholders of record on August 27. Wall Street currently rates the stock a Buy on average, with a consensus price target of $27.88.

First BanCorp. (NYSE:FBP - Get Free Report) posted its quarterly earnings data on Wednesday. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.08, Zacks reports. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%.

First BanCorp. Stock Up 0.6%

FBP opened at $27.59 on Wednesday. The company has a 50 day moving average of $25.33 and a 200 day moving average of $23.20. The company has a market cap of $4.27 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.73 and a beta of 0.82. First BanCorp. has a 12 month low of $19.16 and a 12 month high of $27.89. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

First BanCorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Thursday, August 27th. First BanCorp.'s dividend payout ratio is presently 35.56%.

Institutional Investors Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently bought and sold shares of the business. XTX Topco Ltd lifted its position in shares of First BanCorp. by 34.4% during the fourth quarter. XTX Topco Ltd now owns 22,013 shares of the bank's stock worth $456,000 after acquiring an additional 5,636 shares in the last quarter. Voloridge Investment Management LLC boosted its holdings in shares of First BanCorp. by 25.8% in the fourth quarter. Voloridge Investment Management LLC now owns 725,733 shares of the bank's stock worth $15,044,000 after acquiring an additional 148,626 shares during the period. Wellington Management Group LLP grew its position in shares of First BanCorp. by 7.9% in the fourth quarter. Wellington Management Group LLP now owns 797,081 shares of the bank's stock valued at $16,523,000 after purchasing an additional 58,670 shares in the last quarter. Tudor Investment Corp ET AL grew its position in shares of First BanCorp. by 57.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 719,566 shares of the bank's stock valued at $14,917,000 after purchasing an additional 262,168 shares in the last quarter. Finally, Numerai GP LLC raised its stake in shares of First BanCorp. by 212.1% during the 4th quarter. Numerai GP LLC now owns 291,643 shares of the bank's stock valued at $6,046,000 after purchasing an additional 198,195 shares during the period. Institutional investors own 97.91% of the company's stock.

Wall Street Analyst Weigh In

FBP has been the topic of a number of research analyst reports. Raymond James Financial boosted their target price on shares of First BanCorp. from $27.00 to $32.00 and gave the company a "strong-buy" rating in a research note on Wednesday, July 1st. Wells Fargo & Company raised their price target on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Benchmark started coverage on shares of First BanCorp. in a report on Wednesday, July 15th. They issued a "buy" rating and a $31.00 price target on the stock. Truist Financial upped their price objective on First BanCorp. from $26.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.50 to $26.00 and gave the company a "market perform" rating in a report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First BanCorp. presently has a consensus rating of "Buy" and an average price target of $27.88.

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.

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