First BanCorp. (FBP) to Issue Quarterly Dividend of $0.20 on March 13th

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Monday, January 26th. Shareholders of record on Thursday, February 26th will be paid a dividend of 0.20 per share by the bank on Friday, March 13th. This represents a c) annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, February 26th. This is a 11.1% increase from First BanCorp.’s previous quarterly dividend of $0.18.

First BanCorp. has increased its dividend payment by an average of 0.4%per year over the last three years and has increased its dividend every year for the last 6 years. First BanCorp. has a dividend payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First BanCorp. to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.3%.

First BanCorp. Stock Performance

NYSE FBP opened at $21.93 on Wednesday. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $22.60. The company has a 50 day moving average of $20.87 and a 200-day moving average of $21.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 1.16 and a beta of 0.88.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.45% and a net margin of 26.73%.The business had revenue of $257.17 million for the quarter, compared to the consensus estimate of $256.18 million. During the same period in the previous year, the business earned $0.46 EPS. On average, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FBP shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $24.00 price objective (down previously from $26.00) on shares of First BanCorp. in a research report on Monday, October 27th. Hovde Group boosted their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group set a $25.00 target price on shares of First BanCorp. in a research note on Thursday, October 9th. Piper Sandler began coverage on shares of First BanCorp. in a research report on Thursday, January 15th. They set a “neutral” rating and a $23.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on shares of First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.17.

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.