First BanCorp. (NYSE:FBP) Shares Gap Up Following Earnings Beat

First BanCorp. (NYSE:FBPGet Free Report) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $19.59, but opened at $20.01. First BanCorp. shares last traded at $20.92, with a volume of 80,015 shares trading hands.

The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. During the same quarter last year, the company posted $0.46 EPS.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be issued a $0.18 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is presently 39.78%.

Wall Street Analyst Weigh In

FBP has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday. Hovde Group reduced their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Finally, Piper Sandler reduced their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, First BanCorp. has a consensus rating of “Moderate Buy” and an average target price of $22.40.

View Our Latest Report on First BanCorp.

Insiders Place Their Bets

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. This trade represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gladius Capital Management LP acquired a new position in First BanCorp. during the third quarter worth $25,000. R Squared Ltd purchased a new position in shares of First BanCorp. during the 4th quarter worth $28,000. Blue Trust Inc. boosted its position in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the last quarter. CWM LLC grew its holdings in shares of First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in First BanCorp. during the third quarter worth about $66,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $3.37 billion, a PE ratio of 11.36, a P/E/G ratio of 1.71 and a beta of 1.14. The business’s 50 day simple moving average is $19.67 and its 200 day simple moving average is $20.20.

About First BanCorp.

(Get Free Report)

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.

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