First BanCorp. (NYSE:FBP) Plans $0.16 Quarterly Dividend

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Thursday, May 30th will be paid a dividend of 0.16 per share by the bank on Friday, June 14th. This represents a $0.64 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Thursday, May 30th.

First BanCorp. has raised its dividend by an average of 41.0% annually over the last three years and has increased its dividend every year for the last 4 years. First BanCorp. has a dividend payout ratio of 35.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect First BanCorp. to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 34.8%.

First BanCorp. Trading Down 1.9 %

Shares of FBP stock traded down $0.34 on Friday, hitting $17.24. The stock had a trading volume of 879,304 shares, compared to its average volume of 862,253. First BanCorp. has a twelve month low of $10.18 and a twelve month high of $17.74. The firm has a market cap of $2.92 billion, a P/E ratio of 9.85, a PEG ratio of 1.57 and a beta of 1.16. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average price of $16.95 and a two-hundred day moving average price of $15.97.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. The business had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. During the same period in the previous year, the firm posted $0.39 EPS. As a group, analysts forecast that First BanCorp. will post 1.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on FBP. Wells Fargo & Company boosted their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday.

Insiders Place Their Bets

In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the sale, the chief executive officer now directly owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the sale, the chief executive officer now directly owns 1,126,325 shares of the company’s stock, valued at approximately $19,339,000.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Crespo Luz sold 10,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $16.47, for a total transaction of $164,700.00. Following the sale, the director now directly owns 50,055 shares in the company, valued at $824,405.85. 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 three months. 2.50% of the stock is currently owned by corporate insiders.

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.