First BanCorp. (FBP) To Go Ex-Dividend on February 26th

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Monday, January 26th. Stockholders of record on Thursday, February 26th will be paid a dividend of 0.20 per share by the bank on Friday, March 13th. This represents a c) annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Thursday, February 26th. This is a 11.1% increase from First BanCorp.’s previous quarterly dividend of $0.18.

First BanCorp. has raised its dividend by an average of 0.3%per year over the last three years and has raised its dividend every year for the last 6 years. First BanCorp. has a payout ratio of 37.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect First BanCorp. to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 38.1%.

First BanCorp. Stock Down 4.1%

First BanCorp. stock opened at $21.80 on Tuesday. The company has a market capitalization of $3.44 billion, a PE ratio of 10.14, a PEG ratio of 1.41 and a beta of 0.88. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43. The firm’s fifty day moving average is $21.75 and its 200 day moving average is $21.28. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.15.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. The business had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. During the same period last year, the company posted $0.46 earnings per share. As a group, sell-side analysts predict that First BanCorp. will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roberto R. Herencia sold 4,723 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares of the company’s stock, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of First BanCorp. stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president owned 62,937 shares in the company, valued at $1,391,537.07. The trade was a 35.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new position in First BanCorp. in the fourth quarter valued at approximately $42,138,000. Boston Partners raised its stake in shares of First BanCorp. by 767.8% in the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock valued at $27,832,000 after buying an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after buying an additional 649,987 shares during the last quarter. American Century Companies Inc. grew its stake in shares of First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock worth $157,098,000 after acquiring an additional 616,170 shares during the period. Finally, Verition Fund Management LLC grew its stake in shares of First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock worth $50,365,000 after acquiring an additional 548,164 shares during the period. 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.