First BanCorp. (NYSE:FBP) Posts Earnings Results

First BanCorp. (NYSE:FBP) announced its quarterly earnings data on Wednesday. The bank reported $0.45 earnings per share (EPS) 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 net margin of 25.91% and a return on equity of 21.86%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS.

First BanCorp. Stock Down 2.3 %

Shares of NYSE FBP opened at $18.88 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. First BanCorp. has a 1 year low of $12.95 and a 1 year high of $22.12. The stock’s 50-day simple moving average is $20.60 and its 200-day simple moving average is $19.19. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.72 and a beta of 1.10.

Analyst Ratings Changes

FBP has been the subject of a number of research reports. Raymond James started 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. Hovde Group dropped their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Piper Sandler decreased their price target on shares of First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Thursday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $21.40.

Insider Activity at First BanCorp.

In other news, EVP Carlos Power sold 22,896 shares of the business’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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Michael Mcdonald sold 7,612 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total value of $164,799.80. Following the sale, the executive vice president now directly owns 89,420 shares in the company, valued at $1,935,943. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carlos Power sold 22,896 shares of First BanCorp. stock in a transaction on 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 directly owns 232,340 shares in the company, valued at $5,002,280.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,452 shares of company stock valued at $699,566. 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.