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

First BanCorp. (NYSE:FBP) issued its earnings results on Wednesday. The bank reported $0.45 EPS for the quarter, beating 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 company had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.

First BanCorp. Stock Down 1.1 %

Shares of FBP traded down $0.22 during midday trading on Thursday, hitting $19.08. The stock had a trading volume of 235,040 shares, compared to its average volume of 1,030,347. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. The firm has a market cap of $3.18 billion, a price-to-earnings 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 simple moving average of $20.65 and a two-hundred day simple moving average of $19.18. First BanCorp. has a twelve month low of $12.88 and a twelve month high of $22.12.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the business’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 owns 89,420 shares in the company, valued at approximately $1,935,943. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Michael Mcdonald sold 7,612 shares of First BanCorp. stock in a transaction that occurred on Monday, August 26th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carlos Power sold 22,896 shares of the business’s stock in a transaction 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 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 position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,452 shares of company stock worth $699,566. 2.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on FBP. 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. Hovde Group raised their price objective on First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Piper Sandler decreased their target price on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company lowered 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.60.

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.