First BanCorp. (NYSE:FBP) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

First BanCorp. (NYSE:FBP) announced its earnings results on Wednesday. The bank reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04, Briefing.com reports. The business had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 earnings per share.

First BanCorp. Stock Performance

FBP stock traded down $0.18 during trading on Thursday, reaching $19.12. 195,612 shares of the company’s stock were exchanged, compared to its average volume of 1,030,156. First BanCorp. has a 1-year low of $12.88 and a 1-year high of $22.12. The firm has a market cap of $3.18 billion, a PE ratio of 10.93, a P/E/G ratio of 1.72 and a beta of 1.10. The company’s fifty day moving average price is $20.65 and its 200-day moving average price is $19.18. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FBP. Piper Sandler cut their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. Raymond James assumed coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective on the stock. Wells Fargo & Company reduced their price target on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Hovde Group upped their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the completion of the sale, the executive vice president now directly owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,452 shares of company stock worth $699,566 over the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

First BanCorp. Company Profile

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.