First BanCorp Announces 11.1% Increase in Quarterly Dividend
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Dividend Increase: First BanCorp has declared a quarterly dividend of $0.20 per share, marking an 11.1% increase from the previous $0.18, indicating ongoing improvements in profitability and cash flow that bolster investor confidence.
- Yield Performance: The forward yield of 3.87% not only attracts income-seeking investors but also enhances the stock's market appeal, potentially driving an increase in share price as demand rises.
- Payment Schedule: The new dividend will be payable on March 13, with a record date of February 26 and an ex-dividend date also set for February 26, ensuring shareholders receive timely returns and reinforcing shareholder relations.
- Rating Upgrade: Following the dividend increase, Seeking Alpha's Quant Rating on First BanCorp has improved, reflecting market optimism regarding the company's future growth potential, which may attract more institutional investors' interest.
Analyst Views on FBP
Wall Street analysts forecast FBP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FBP is 23.50 USD with a low forecast of 23.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 20.660
Low
23.00
Averages
23.50
High
24.00
Current: 20.660
Low
23.00
Averages
23.50
High
24.00
About FBP
First BanCorp. is a financial holding company. As of December 31, 2016, the Company controlled two subsidiaries: FirstBank Puerto Rico (the Bank or FirstBank) and FirstBank Insurance Agency, Inc. (FirstBank Insurance Agency). It operates in six segments: Commercial and Corporate Banking, which consists of lending and other services; Consumer (Retail) Banking, which consists of consumer lending and deposit-taking activities; Mortgage Banking, which consists of the origination, sale, and servicing of a range of residential mortgage loan products and related hedging activities; Treasury and Investments, which consists of treasury and investment management functions; United States Operations, which consists of all banking activities conducted by FirstBank on the United States mainland, and Virgin Islands Operations, which consists of banking activities conducted by FirstBank in the United States Virgin Islands and British Virgin Islands, including retail and commercial banking services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
