First BanCorp. (FBP) To Go Ex-Dividend on August 27th

First BanCorp. (NYSE:FBP) declared a quarterly dividend on Tuesday, July 21st. Shareholders of record on Thursday, August 27th will be given a dividend of 0.20 per share by the bank on Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, August 27th.

First BanCorp. has increased its dividend payment by an average of 0.3%per year over the last three years and has increased its dividend every year for the last 6 years. First BanCorp. has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First BanCorp. to earn $2.43 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 32.9%.

First BanCorp. Price Performance

NYSE:FBP opened at $28.81 on Thursday. First BanCorp. has a one year low of $19.16 and a one year high of $28.93. The company has a market cap of $4.46 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.74 and a beta of 0.82. The firm’s fifty day moving average price is $25.44 and its two-hundred day moving average price is $23.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.80 and a quick ratio of 0.80.

First BanCorp. (NYSE:FBP) last posted its earnings results on Wednesday, July 22nd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $264.86 million during the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%. Equities analysts expect that First BanCorp. will post 2.26 earnings per share for the current year.

Analyst Ratings Changes

FBP has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Truist Financial boosted their price target on First BanCorp. from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Raymond James Financial upped their price objective on First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their price objective on First BanCorp. from $24.50 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. Finally, Piper Sandler lifted their target price on First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $27.88.

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.