First BanCorp. (FBP) to Issue Quarterly Dividend of $0.20 on June 12th

First BanCorp. (NYSE:FBP) announced a quarterly dividend on Wednesday, April 22nd. Investors of record on Thursday, May 28th will be paid a dividend of 0.20 per share by the bank on Friday, June 12th. This represents a c) dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Thursday, May 28th.

First BanCorp. has raised its dividend payment by an average of 0.3%per year over the last three years and has raised its dividend every year for the last 6 years. First BanCorp. has a payout ratio of 37.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First BanCorp. to earn $2.33 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 34.3%.

First BanCorp. Stock Up 2.7%

Shares of NYSE FBP opened at $24.32 on Friday. The stock has a market cap of $3.79 billion, a PE ratio of 10.81, a price-to-earnings-growth ratio of 1.91 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.80 and a debt-to-equity ratio of 0.15. First BanCorp. has a 52-week low of $18.74 and a 52-week high of $24.36. The business has a 50-day moving average price of $21.79 and a 200 day moving average price of $21.24.

First BanCorp. (NYSE:FBP) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $258.64 million during the quarter, compared to analysts’ expectations of $263.54 million. First BanCorp. had a return on equity of 17.51% and a net margin of 28.31%.During the same period in the prior year, the firm earned $0.47 EPS. Equities research analysts forecast that First BanCorp. will post 2.17 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total transaction of $754,437.42. Following the completion of the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. This represents a 35.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roberto R. Herencia sold 4,723 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the transaction, the director directly owned 637,019 shares of the company’s stock, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently modified their holdings of the business. Janney Montgomery Scott LLC raised its stake in shares of First BanCorp. by 8.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 498,453 shares of the bank’s stock worth $10,647,000 after buying an additional 38,608 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of First BanCorp. by 9.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 28,331 shares of the bank’s stock worth $605,000 after buying an additional 2,393 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in First BanCorp. in the 1st quarter valued at approximately $1,474,000. Diversified Trust Co increased its stake in First BanCorp. by 12.3% in the 1st quarter. Diversified Trust Co now owns 41,873 shares of the bank’s stock valued at $894,000 after purchasing an additional 4,577 shares in the last quarter. Finally, Baron Wealth Management LLC increased its stake in First BanCorp. by 7.1% in the 1st quarter. Baron Wealth Management LLC now owns 15,207 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,011 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

About First BanCorp.

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.