First BanCorp. (NYSE:FBP) Sets New 1-Year High on Strong Earnings

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

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

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.64 annualized dividend and a yield of 3.62%. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s dividend payout ratio (DPR) is 37.65%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FBP shares. Keefe, Bruyette & Woods increased their target price on shares of First BanCorp. from $18.50 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Wells Fargo & Company lifted 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 note on Wednesday, April 10th.

Insider Buying and Selling at First BanCorp.

In other news, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the sale, the executive vice president now directly owns 98,501 shares in the company, valued at approximately $1,708,007.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nayda Rivera sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.12, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock valued at $2,278,784 in the last quarter. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its position in First BanCorp. by 4.3% during the third 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 during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of First BanCorp. by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock worth $166,095,000 after acquiring an additional 65,021 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in First BanCorp. by 3.8% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after acquiring an additional 116,642 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in First BanCorp. by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after acquiring an additional 52,384 shares during the last quarter. Finally, Norges Bank bought a new stake in First BanCorp. during the fourth quarter worth about $32,590,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Price Performance

The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $2.99 billion, a PE ratio of 10.23, a PEG ratio of 1.56 and a beta of 1.16. The business has a fifty day moving average price of $16.90 and a 200-day moving average price of $15.92.

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.