First BanCorp. (NYSE:FBP) Posts Earnings Results

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

First BanCorp. Stock Performance

Shares of FBP stock traded down $0.25 on Thursday, hitting $19.05. The company had a trading volume of 293,304 shares, compared to its average volume of 1,030,630. First BanCorp. has a twelve month low of $12.88 and a twelve month high of $22.12. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The firm has a market cap of $3.17 billion, a P/E ratio of 10.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. The company has a 50-day moving average price of $20.65 and a 200-day moving average price of $19.18.

Insider Transactions at First BanCorp.

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

Analysts Set New Price Targets

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

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.