First BanCorp. (NYSE:FBP) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• First BanCorp. reported $0.51 EPS for the quarter, beating analysts' estimates by $0.03, while the previous year's earnings were $0.45 EPS.
• Shares of First BanCorp. fell by 2.0% to $20.11, and the company announced it would be paying a $0.18 quarterly dividend on December 12th with a yield of 3.6%.
• Analysts have set a consensus target price of $24.33 for First BanCorp., with five analysts rating the stock as a "Moderate Buy."

First BanCorp. (NYSE:FBP - Get Free Report) issued its quarterly earnings data on Thursday. The bank reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03, Zacks reports. First BanCorp. had a return on equity of 17.54% and a net margin of 24.71%.During the same quarter in the previous year, the business posted $0.45 EPS.

First BanCorp. Stock Down 2.0%

Shares of FBP traded down $0.41 during midday trading on Thursday, reaching $20.11. 1,006,789 shares of the stock were exchanged, compared to its average volume of 1,155,209. First BanCorp. has a 52 week low of $16.40 and a 52 week high of $22.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.17. The company's 50 day moving average is $21.75 and its two-hundred day moving average is $20.75. The company has a market capitalization of $3.23 billion, a P/E ratio of 10.70, a PEG ratio of 1.13 and a beta of 0.93.

First BanCorp. Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, November 28th. First BanCorp.'s dividend payout ratio is 38.30%.

Insider Activity

In other news, CEO Aurelio Aleman sold 50,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.30, for a total transaction of $1,115,000.00. Following the transaction, the chief executive officer owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On First BanCorp.

A number of hedge funds and other institutional investors have recently made changes to their positions in FBP. Royal Bank of Canada grew 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 buying an additional 8,419 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of First BanCorp. by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank's stock worth $1,847,000 after buying an additional 4,236 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of First BanCorp. by 328.8% during 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of First BanCorp. by 6.1% during 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 purchasing an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in shares of First BanCorp. by 1,445.7% during the 1st 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 last quarter. Institutional investors own 97.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FBP shares. Wells Fargo & Company upped their price objective on First BanCorp. from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. UBS Group set a $25.00 target price on First BanCorp. in a research report on Thursday, October 9th. Weiss Ratings reissued a "buy (b)" rating on shares of First BanCorp. in a research report on Wednesday, October 8th. Finally, Truist Financial began coverage on First BanCorp. in a research report on Thursday, October 9th. They set a "buy" rating and a $25.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.33.

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.

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