First BanCorp Boosts Dividend by 13% for Shareholders

Author: Thomas Cooper Updated: 01-21-2025 04:43 PM

First BanCorp Announces Dividend Increase

First BanCorp. (NYSE: FBP), a distinguished bank holding company for FirstBank Puerto Rico, has proudly declared a quarterly cash dividend of $0.18 per share. This exhilarating announcement showcases a 13% rise, equivalent to a $0.02 increase per common share compared to prior dividends.

Details of the Dividend Declaration

The Board of Directors has determined the dividend, which is set to be payable on a specified date to shareholders recorded by a given deadline. This structured approach ensures that all stakeholders are rightly compensated for their investments at First BanCorp.

Leadership's Commitment to Shareholders

Aurelio Alemán, the President and CEO of First BanCorp, expressed enthusiasm regarding the increased dividend. He remarked, “We are pleased to announce another increase to our common stock dividend. This, combined with our share buyback program, underscores our unwavering commitment to maximizing shareholder value.” This sentiment reflects the company’s consistent dedication towards enriching shareholder returns.

Dividend Impact on Shareholders

The raise in the dividend means that shareholders will now see an annualized dividend rate of $0.72 for each common share they hold. This commitment not only emphasizes First BanCorp's strong capital position but also their ambition to maintain an optimistic outlook for future growth.

About First BanCorp

First BanCorp. serves as the parent entity for FirstBank Puerto Rico, a reputable state-chartered commercial bank operating across various regions, including Florida and the Virgin Islands. The corporation also oversees FirstBank Insurance Agency, LLC, and operates subsidiaries that cater to small loan markets through First Federal Finance Limited Liability Company. The shares of First BanCorp., traded on the New York Stock Exchange under the ticker symbol “FBP,” represent a robust investment opportunity for those interested in the banking sector.

Company's Vision and Future Outlook

With strong performance metrics and an unwavering commitment to shareholders, First BanCorp is poised for continued success. The recent increase in dividends correspondingly resonates with their strategic goals and presents a reliable forecast for prospective investors.

Frequently Asked Questions

What is the new dividend amount declared by First BanCorp?

First BanCorp has declared a new quarterly cash dividend of $0.18 per share.

How much has the dividend increased?

The dividend has increased by 13%, which is a $0.02 increase per share.

When will the new dividend be payable?

The dividend will be payable on a specified date to shareholders of record at the close of business on a designated date.

What is First BanCorp's stock ticker?

First BanCorp trades on the New York Stock Exchange under the ticker symbol “FBP.”

Who is the CEO of First BanCorp?

Aurelio Alemán is the President and CEO of First BanCorp.

About The Author

Hello, I'm Thomas Cooper, a financial expert and writer passionate about helping people understand and navigate the financial world. Having a solid financial background and a lot of experience, my area of expertise is simplifying difficult financial ideas into useful, understandable guidance. My goal with my writings and blog entries is to provide you the information and resources you need to make wise financial choices.

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