First BanCorp. (NYSE:FBP) Announces Earnings Results, Beats Estimates By $0.03 EPS

First BanCorp. (NYSE:FBP - Get Free Report) issued its quarterly earnings data on Tuesday. The bank reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03, Zacks reports. The firm had revenue of $246.81 million for the quarter, compared to analyst estimates of $250.73 million. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. During the same quarter last year, the firm earned $0.46 earnings per share.

First BanCorp. Stock Performance

First BanCorp. stock traded down $0.22 during trading hours on Thursday, reaching $21.08. 590,575 shares of the company were exchanged, compared to its average volume of 1,187,962. First BanCorp. has a 12 month low of $16.40 and a 12 month high of $22.40. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 0.17. The stock has a 50-day moving average of $20.76 and a 200 day moving average of $19.79. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 1.27 and a beta of 0.93.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $0.72 annualized dividend and a yield of 3.42%. First BanCorp.'s dividend payout ratio (DPR) is currently 38.30%.

Institutional Trading of First BanCorp.

Institutional investors and hedge funds have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in First BanCorp. by 6.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank's stock worth $9,911,000 after acquiring an additional 29,631 shares during the period. Jane Street Group LLC increased its stake in shares of First BanCorp. by 1,445.7% in the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock worth $8,249,000 after purchasing an additional 402,488 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock worth $1,847,000 after purchasing an additional 4,236 shares during the period. Royal Bank of Canada lifted its position in shares of First BanCorp. by 24.4% during the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank's stock worth $824,000 after purchasing an additional 8,419 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock valued at $57,000 after purchasing an additional 2,262 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wells Fargo & Company increased their price target on shares of First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th.

First BanCorp. Company Profile

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.