First BanCorp. (NYSE:FBP) Hits New 12-Month High on Better-Than-Expected Earnings

First BanCorp. (NYSE:FBP - Get Free Report) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $17.72 and last traded at $17.70, with a volume of 695542 shares traded. The stock had previously closed at $17.16.

The bank reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.06. First BanCorp. had a return on equity of 21.62% and a net margin of 26.19%. The firm had revenue of $302.49 million for the quarter, compared to the consensus estimate of $229.19 million. During the same quarter in the previous year, the business earned $0.39 EPS.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Thursday, February 22nd. This is an increase from First BanCorp.'s previous quarterly dividend of $0.14. First BanCorp.'s payout ratio is presently 37.65%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FBP shares. Wells Fargo & Company lifted their price target on shares of First BanCorp. from $16.00 to $18.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods lifted their price target on shares of First BanCorp. from $18.50 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, January 25th.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the business's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the sale, the executive vice president now owns 98,501 shares of the company's stock, valued at approximately $1,708,007.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other First BanCorp. news, Director Crespo Luz sold 10,000 shares of the business's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $16.47, for a total transaction of $164,700.00. Following the sale, the director now owns 50,055 shares of the company's stock, valued at approximately $824,405.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Mcdonald sold 57,600 shares of the business's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the transaction, the executive vice president now owns 98,501 shares of the company's stock, valued at $1,708,007.34. The disclosure for this sale can be found here. Insiders have sold 132,600 shares of company stock valued at $2,278,784 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FBP. Norges Bank purchased a new position in shares of First BanCorp. during the 4th quarter valued at $32,590,000. Wellington Management Group LLP grew its position in shares of First BanCorp. by 2,172.9% during the 4th quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank's stock valued at $17,101,000 after purchasing an additional 993,819 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of First BanCorp. by 140.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 909,788 shares of the bank's stock valued at $12,246,000 after purchasing an additional 531,654 shares in the last quarter. FMR LLC grew its position in shares of First BanCorp. by 4.3% during the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank's stock valued at $165,408,000 after purchasing an additional 505,003 shares in the last quarter. Finally, Invesco Ltd. grew its position in First BanCorp. by 32.0% in the third quarter. Invesco Ltd. now owns 1,034,059 shares of the bank's stock worth $13,918,000 after acquiring an additional 250,577 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Price Performance

The firm's 50-day moving average is $16.93 and its 200-day moving average is $15.93. The company has a market capitalization of $3.00 billion, a PE ratio of 10.42, a price-to-earnings-growth ratio of 1.56 and a beta of 1.16. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.44.

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.