First BanCorp. (NYSE:FBP) Hits New 52-Week High on Earnings Beat

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

The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The company had revenue of $302.49 million during the quarter, compared to the consensus estimate of $229.19 million. During the same quarter in the prior year, the company posted $0.39 EPS.

First BanCorp. Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, February 22nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.64%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.14. First BanCorp.’s payout ratio is presently 36.57%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FBP shares. Keefe, Bruyette & Woods boosted their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Thursday. Wells Fargo & Company upped their price target on First BanCorp. from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th.

Insider Buying and Selling

In other news, Director Crespo Luz sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $16.47, for a total transaction of $164,700.00. Following the completion of the sale, the director now directly owns 50,055 shares of the company’s stock, valued at approximately $824,405.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Crespo Luz sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $16.47, for a total value of $164,700.00. Following the transaction, the director now directly owns 50,055 shares of the company’s stock, valued at approximately $824,405.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Mcdonald sold 57,600 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 98,501 shares in the company, valued at $1,708,007.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,600 shares of company stock valued at $2,278,784. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

Several institutional investors have recently modified their holdings of FBP. FMR LLC boosted its stake in First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock valued at $165,408,000 after buying an additional 505,003 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in First BanCorp. by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock valued at $166,095,000 after buying an additional 65,021 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock valued at $51,826,000 after buying an additional 116,642 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in First BanCorp. by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after purchasing an additional 52,384 shares during the last quarter. Finally, Norges Bank acquired a new position in First BanCorp. in the fourth quarter worth $32,590,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Trading Down 0.7 %

The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 10.05, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. The business has a 50 day simple moving average of $16.94 and a 200 day simple moving average of $15.94.

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.