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

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

First BanCorp. Stock Performance

FBP stock traded down $0.22 during mid-day trading on Thursday, hitting $19.08. 235,040 shares of the company were exchanged, compared to its average volume of 1,030,347. The business has a 50 day simple moving average of $20.65 and a 200-day simple moving average of $19.18. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $3.18 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. First BanCorp. has a 1-year low of $12.88 and a 1-year high of $22.12.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FBP. Hovde Group raised their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Raymond James started coverage on First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target for the company. Wells Fargo & Company reduced their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total value of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction that occurred on 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 owns 232,340 shares of the company’s stock, valued at approximately $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 sold 32,452 shares of company stock worth $699,566 over the last three months. Insiders own 2.50% of the company’s stock.

About First BanCorp.

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.