First BanCorp. (NYSE:FBP) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

First BanCorp. (NYSE:FBP) posted its quarterly earnings data on Tuesday. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05, Briefing.com reports. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The firm had revenue of $304.28 million during the quarter, compared to analysts’ expectations of $230.26 million. During the same quarter in the previous year, the company posted $0.37 EPS.

First BanCorp. Trading Up 2.0 %

Shares of NYSE:FBP opened at $21.78 on Friday. The company’s 50-day moving average price is $18.37 and its two-hundred day moving average price is $17.42. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a one year low of $12.72 and a one year high of $22.06. The stock has a market capitalization of $3.62 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 1.76 and a beta of 1.12.

First BanCorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Thursday, August 29th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.64 annualized dividend and a yield of 2.94%. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Analysts Set New Price Targets

Several brokerages have commented on FBP. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday. Hovde Group upped their target price on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Raymond James started coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Insiders Place Their Bets

In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Carlos Power sold 5,277 shares of First BanCorp. stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the sale, the executive vice president now directly owns 255,236 shares in the company, valued at approximately $4,596,800.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the transaction, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The disclosure for this sale can be found here. Insiders have sold 130,277 shares of company stock valued at $2,529,539 in the last three months. 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.