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First BanCorp announces quarterly dividend of $0.16

First BanCorp, the bank holding company for FirstBank Puerto Rico, said this week its Board of Directors had authorized a quarterly cash dividend of $0.16 per share.

It represents an increase of 14% compared to the prior quarterly dividend.

The dividend will be paid on March 8th to shareholders of record at the close of business on February 23rd 2024, the company said.

“We are pleased to announce an increase in the quarterly cash dividend payment on the Corporation’s common stock from $0.14 to $0.16 per share starting in the first quarter of 2024. The dividend, accompanied by our share buyback program, demonstrates our continued commitment to increasing shareholder value, while maintaining a strong capital position,” Aurelio Alemán, President and Chief Executive Officer of First BanCorp, said in a press release.

Stock Performance

The shares of First BanCorp (FBP) closed 0.06% ($0.01) higher at $16.49 in New York on Thursday, as they extended the gain from the previous market session.

The company’s total market cap now stands at $2.792 billion.

The shares of First BanCorp (FBP) have edged up 0.24% so far this year, following another 29.32% gain in 2023.

Analyst stock price forecast and recommendation

According to TipRanks, at least 2 out of 3 surveyed investment analysts had rated First BanCorp’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $18.17, which translates into a 10.19% upside compared to Thursday’s closing price.

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