First BanCorp. (NYSE:FBP) Shares Gap Up on Better-Than-Expected Earnings

Shares of First BanCorp. (NYSE:FBP) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 traded.

The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 19.91% and a net margin of 24.94%. During the same quarter in the prior year, the business earned $0.46 earnings per share.

First BanCorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a $0.18 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.47%. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is currently 35.36%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Hovde Group lowered their price objective on 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 lowered their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler lowered their price objective on 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.20.

Insider Activity at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction on Friday, November 8th. The stock was sold at an average price of $21.19, for a total value of $529,750.00. Following the transaction, the executive vice president now owns 236,490 shares in the company, valued at approximately $5,011,223.10. This trade represents a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of First BanCorp. by 3.9% during the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock worth $194,630,000 after purchasing an additional 347,271 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of First BanCorp. by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after purchasing an additional 112,432 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of First BanCorp. by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock worth $24,751,000 after purchasing an additional 16,432 shares in the last quarter. Algert Global LLC lifted its stake in shares of First BanCorp. by 2.9% during the third quarter. Algert Global LLC now owns 676,749 shares of the bank’s stock worth $14,327,000 after purchasing an additional 19,290 shares in the last quarter. Finally, Barclays PLC increased its position in shares of First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after acquiring an additional 189,148 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Performance

The firm has a market capitalization of $3.40 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14. 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 stock has a 50-day moving average price of $19.68 and a 200-day moving average price of $20.18.

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.