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

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors 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 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Thursday, May 30th.

First BanCorp. has increased its dividend by an average of 41.0% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. First BanCorp. has a dividend payout ratio of 35.2% meaning 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. Price Performance

Shares of NYSE FBP traded down $0.34 during trading hours on Friday, reaching $17.24. 879,304 shares of the stock traded hands, compared to its average volume of 862,253. The company has a market capitalization of $2.92 billion, a P/E ratio of 9.85, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. First BanCorp. has a 52-week low of $10.18 and a 52-week high of $17.74. The company’s 50-day simple moving average is $16.95 and its two-hundred day simple moving average is $15.97.

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

Analyst Upgrades and Downgrades

FBP has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company boosted their target price on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th.

Insiders Place Their Bets

In other news, Director Crespo Luz sold 10,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $16.47, for a total transaction of $164,700.00. Following the transaction, the director now directly owns 50,055 shares of the company’s stock, valued at $824,405.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Nayda Rivera sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the transaction, the executive vice president now owns 246,930 shares of the company’s stock, valued at $4,227,441.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Crespo Luz sold 10,000 shares of First BanCorp. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $16.47, for a total value of $164,700.00. Following the sale, the director now directly owns 50,055 shares in the company, valued at approximately $824,405.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,600 shares of company stock valued at $2,278,784. 2.50% of the stock is currently owned by corporate insiders.

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.