First BanCorp. (NYSE:FBP) Increases Dividend to $0.20 Per Share

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Monday, January 26th. Investors 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 3.8%. 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 raised its dividend payment by an average of 0.4%annually over the last three years and has increased its dividend every year for the last 6 years. First BanCorp. has a payout ratio of 33.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Up 1.1%

First BanCorp. stock opened at $20.89 on Tuesday. The company has a market capitalization of $3.30 billion, a PE ratio of 10.14, a PEG ratio of 1.15 and a beta of 0.88. The firm’s fifty day moving average is $20.83 and its 200 day moving average is $21.10. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60.

Wall Street Analyst Weigh In

A number of research firms recently commented on FBP. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research report on Thursday. Truist Financial cut their price target on shares of First BanCorp. from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 27th. UBS Group set a $25.00 target price on shares of First BanCorp. in a research note on Thursday, October 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $24.00 price objective (down previously from $26.00) on shares of First BanCorp. in a research note on Monday, October 27th. Finally, Piper Sandler initiated coverage on First BanCorp. in a research report on Thursday, January 15th. They issued a “neutral” rating and a $23.00 target price for the company. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.80.

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.