First BanCorp. (FBP) Set to Announce Quarterly Earnings on Wednesday

by · The Cerbat Gem

First BanCorp. (NYSE:FBP – Get Free Report) will be posting its quarterly earnings results before the market opens on Wednesday, October 23rd. Analysts expect First BanCorp. to post earnings of $0.42 per share for the quarter. Individual interested in listening to the company’s earnings conference call can do so using this link.

First BanCorp. (NYSE:FBP – Get Free Report) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $304.28 million during the quarter, compared to analyst estimates of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same quarter in the prior year, the business posted $0.37 EPS. On average, analysts expect First BanCorp. to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

First BanCorp. Trading Down 3.5 %

Shares of First BanCorp. stock opened at $20.12 on Tuesday. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.72 and a beta of 1.10. The business has a 50-day moving average price of $20.65 and a 200-day moving average price of $19.15. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. First BanCorp. has a twelve month low of $12.88 and a twelve month high of $22.12.

Insiders Place Their Bets

In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other First BanCorp. news, EVP Michael Mcdonald sold 1,944 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,452 shares of company stock valued at $1,790,066 over the last ninety days. 2.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of 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 research report on Wednesday, July 24th. 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 objective for the company. Piper Sandler began coverage on First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company raised their price objective on First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.20.

View Our Latest Analysis on First BanCorp.

About First BanCorp.

(Get Free Report)

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.

See Also