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

First BanCorp. (NYSE:FBP) released 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 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%. First BanCorp.’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share.

First BanCorp. Trading Down 2.3 %

FBP traded down $0.45 during trading on Friday, reaching $18.88. 1,399,847 shares of the company’s stock were exchanged, compared to its average volume of 1,037,542. The firm has a fifty day moving average price of $20.60 and a two-hundred day moving average price of $19.19. The stock has a market capitalization of $3.14 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. First BanCorp. has a one year low of $12.95 and a one year high of $22.12. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44.

Insider Transactions at First BanCorp.

In related news, EVP Carlos Power sold 22,896 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the sale, the executive vice president now directly owns 232,340 shares in the company, valued at $5,002,280.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Michael Mcdonald sold 1,944 shares of the business’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 value of $41,815.44. Following the transaction, the executive vice president now owns 87,476 shares in the company, valued at approximately $1,881,608.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction 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 directly owns 232,340 shares in the company, valued at approximately $5,002,280.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,452 shares of company stock worth $699,566. Company insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FBP. 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 note on Thursday. Raymond James began coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Piper Sandler decreased their target price on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Hovde Group dropped their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.40.

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.