First BanCorp. (NYSE:FBP) Hits New 12-Month High on Better-Than-Expected Earnings

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

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

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.16 per share. This is an increase from First BanCorp.’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.64 annualized dividend and a yield of 3.61%. First BanCorp.’s dividend payout ratio is presently 37.65%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $18.50 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Wells Fargo & Company raised their target price on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th.

Insider Activity at First BanCorp.

In related news, EVP Nayda Rivera sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total transaction of $256,800.00. Following the completion of the sale, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at approximately $4,227,441.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Nayda Rivera sold 15,000 shares of First BanCorp. stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.12, for a total value of $256,800.00. Following the completion of the sale, the executive vice president now directly owns 246,930 shares of the company’s stock, valued at approximately $4,227,441.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Mcdonald sold 57,600 shares of First BanCorp. stock in a transaction 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 completion of the sale, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at $1,708,007.34. 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 three months. Corporate insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Private Wealth Management Group LLC bought a new position in First BanCorp. during the fourth quarter worth about $26,000. Neo Ivy Capital Management bought a new position in First BanCorp. during the fourth quarter worth about $36,000. Strs Ohio lifted its holdings in First BanCorp. by 206.3% during the fourth quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after acquiring an additional 3,300 shares in the last quarter. Headlands Technologies LLC bought a new position in First BanCorp. during the fourth quarter worth about $113,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in First BanCorp. during the third quarter worth about $138,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Trading Up 3.2 %

The company has a fifty day simple moving average of $16.93 and a two-hundred day simple moving average of $15.93. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $3.00 billion, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 1.56 and a beta of 1.16.

About First BanCorp.

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.