First BanCorp Authorizes $350M Buyback, Lifts Dividend 25%
FBP sits 43% above its 52-week low of $19.16.
Summary
Board approved a new $350 million buyback running through 2027, on top of roughly $38.3 million left under the October 2025 program. The quarterly dividend rises 25% to $0.25 per share, payable December 11 to holders of record November 27. The combined authorization is meaningful against a company of this size and comes right after Q3 net income of $51.3 million, or $1.24 per diluted share, with net interest margin at 3.75%. Management framed buybacks as opportunistic and tied to valuation and capital levels, so actual repurchase pace is discretionary rather than committed. The dividend increase is the harder signal here — it locks in a higher payout commitment rather than a one-time authorization.
At the time of this announcement, FBP was trading at $27.34 on NYSE in the Finance sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $19.16 to $29.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.