First BanCorp. (FBP) to Release Earnings on Wednesday

First BanCorp. (NYSE:FBP) will announce its earnings results before the market opens on Wednesday, October 23rd. Analysts expect the company to announce earnings of $0.42 per share for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. During the same period in the prior year, the firm earned $0.37 EPS. On average, analysts expect First BanCorp. to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

First BanCorp. Stock Up 1.1 %

Shares of NYSE FBP opened at $21.39 on Wednesday. First BanCorp. has a 12-month low of $12.72 and a 12-month high of $22.12. The company has a market cap of $3.56 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.72 and a beta of 1.10. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average price of $20.55 and a 200 day moving average price of $19.05.

First BanCorp. Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.99%. First BanCorp.’s dividend payout ratio is presently 36.57%.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Donald Kafka sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now directly owns 174,589 shares in the company, valued at $3,807,786.09. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,452 shares of company stock worth $1,790,066. Corporate insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Raymond James assumed coverage on First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price for the company. Wells Fargo & Company raised their target price on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Piper Sandler assumed coverage on First BanCorp. in a research note on Monday, August 26th. They set a “neutral” rating and a $22.00 target price for the company. Finally, Hovde Group raised their target price on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.20.

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.