First BanCorp expanded its buyback plans on October 21, 2026, announcing a new authorization of up to $350 million and a 25% increase in its quarterly dividend. The repurchase program runs through 2027, with purchases subject to management discretion and market conditions.
Key Takeaways
- The new $350 million authorization supplements about $38.3 million remaining under the October 2025 repurchase plan.
- The quarterly dividend rises to $0.25 per share, payable December 11, 2026, to shareholders of record November 27.
Table of Contents
- First BanCorp buyback adds capacity through 2027
- Higher dividend comes with December payment date
- Conclusion
First BanCorp buyback adds capacity through 2027
The board’s approval creates additional repurchase capacity rather than recording completed share purchases. Management will determine how to use the new authorization through 2027, depending on market conditions.
The authorization sits alongside roughly $38.3 million still available under the previous program, which began in October 2025.
Higher dividend comes with December payment date
The declared $0.25 quarterly payment is 25% higher than the dividend paid in September 2026. Shareholders must be on record as of November 27, 2026, for the payment scheduled on December 11.
First BanCorp had a dividend yield of 3.01%, a payout ratio of 32% and compound annual dividend growth of 16.1% over the preceding three years.
First BanCorp, listed on the New York Stock Exchange under FBP, is the holding company for FirstBank Puerto Rico, FirstBank Virgin Islands and FirstBank Florida. Its services include commercial, consumer and mortgage banking, alongside treasury and investment services.
Insider share sales totaled $2.4 million, with no insider purchases over the preceding 12 months.
Conclusion
First BanCorp has declared a higher quarterly dividend and authorized additional buybacks. The dividend has a scheduled payment date, while the timing and amount of repurchases remain at management’s discretion.
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