First BanCorp. (NYSE:FBP) Plans Quarterly Dividend of $0.18

First BanCorp. (NYSE:FBP - Get Free Report) announced a quarterly dividend on Tuesday, July 22nd, Wall Street Journal reports. Shareholders of record on Thursday, August 28th will be given a dividend of 0.18 per share by the bank on Friday, September 12th. This represents a $0.72 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Thursday, August 28th.

First BanCorp. has a payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Research 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 Performance

First BanCorp. stock traded down $0.44 during midday trading on Tuesday, hitting $21.43. The stock had a trading volume of 1,919,703 shares, compared to its average volume of 1,113,659. The firm's fifty day moving average is $20.74 and its two-hundred day moving average is $19.77. The company has a market capitalization of $3.46 billion, a PE ratio of 11.64, a P/E/G ratio of 1.32 and a beta of 0.93. First BanCorp. has a 52-week low of $16.40 and a 52-week high of $22.58. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19.

First BanCorp. (NYSE:FBP - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a return on equity of 18.22% and a net margin of 24.46%. The firm had revenue of $246.81 million for the quarter, compared to the consensus estimate of $250.73 million. During the same period in the previous year, the business earned $0.46 EPS. On average, research analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FBP. Jones Financial Companies Lllp grew its position in shares of First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank's stock worth $57,000 after buying an additional 2,262 shares during the last quarter. Royal Bank of Canada raised its stake in First BanCorp. by 24.4% in the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank's stock valued at $824,000 after purchasing an additional 8,419 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in First BanCorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock valued at $1,847,000 after buying an additional 4,236 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of First BanCorp. by 1,445.7% in the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank's stock valued at $8,249,000 after purchasing an additional 402,488 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of 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 valued at $9,911,000 after buying an additional 29,631 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.

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