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

Key Points

• First BanCorp. beat estimates: Q1 EPS was $0.57, $0.04 above consensus, with a net margin of 27.48% and return on equity of 17.33%, up from $0.47 EPS a year earlier.
• Dividend increased: The company raised its quarterly payout to $0.20 (annualized $0.80), implying a 3.3% yield and a payout ratio of 37.21%.
• Analyst sentiment is cautiously positive: The stock has a consensus rating of "Moderate Buy" with an average price target of $24.75, while shares opened at $23.89 (down ~0.6%) and trade near their one-year high.

First BanCorp. (NYSE:FBP - Get Free Report) issued its earnings results on Wednesday. The bank reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.04, Zacks reports. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period in the previous year, the firm posted $0.47 EPS.

First BanCorp. Trading Down 0.6%

Shares of First BanCorp. stock opened at $23.89 on Wednesday. First BanCorp. has a 1 year low of $18.74 and a 1 year high of $24.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $3.72 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.90 and a beta of 0.83. The firm has a fifty day moving average price of $21.73 and a 200 day moving average price of $21.21.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Thursday, February 26th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.3%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, February 26th. First BanCorp.'s payout ratio is presently 37.21%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FBP. Piper Sandler reiterated a "neutral" rating and issued a $24.00 price target (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Wells Fargo & Company raised their target price on shares of First BanCorp. from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $24.00 to $24.50 and gave the company a "market perform" rating in a report on Wednesday, January 28th. Hovde Group increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First BanCorp. in a research report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $24.75.

Insider Buying and Selling at First BanCorp.

In other news, Director Roberto R. Herencia sold 4,723 shares of the company's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director owned 637,019 shares of the company's stock, valued at $14,415,739.97. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of the firm's stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the sale, the executive vice president directly owned 62,937 shares in the company, valued at approximately $1,391,537.07. This trade represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently made changes to their positions in FBP. First Trust Advisors LP boosted its holdings in First BanCorp. by 3.0% in the fourth quarter. First Trust Advisors LP now owns 4,334,297 shares of the bank's stock valued at $89,850,000 after purchasing an additional 126,532 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of First BanCorp. by 4.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,659,149 shares of the bank's stock valued at $75,856,000 after buying an additional 171,580 shares during the period. Verition Fund Management LLC boosted its stake in First BanCorp. by 31.6% during the third quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank's stock valued at $50,365,000 after buying an additional 548,164 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in First BanCorp. by 82.9% during the second quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank's stock worth $29,878,000 after acquiring an additional 649,987 shares during the period. Finally, Nuveen LLC raised its position in First BanCorp. by 13.2% in the fourth quarter. Nuveen LLC now owns 1,304,015 shares of the bank's stock worth $27,032,000 after acquiring an additional 152,114 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

About First BanCorp.

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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