First BanCorp. (NYSE:FBP) Issues Earnings Results

First BanCorp. (NYSE:FBP) announced its earnings results 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. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The company had revenue of $234.57 million for the quarter, compared to the consensus estimate of $238.51 million. During the same period last year, the business posted $0.46 EPS. The company’s revenue was up 2.0% on a year-over-year basis.

First BanCorp. Stock Down 2.3 %

FBP stock opened at $18.88 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a 12 month low of $12.95 and a 12 month high of $22.12. The firm has a market capitalization of $3.14 billion, a PE ratio of 10.79, a P/E/G ratio of 1.72 and a beta of 1.10. The company’s 50 day simple moving average is $20.60 and its 200-day simple moving average is $19.19.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other First BanCorp. news, EVP Carlos Power sold 22,896 shares of the company’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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,452 shares of company stock worth $699,566 in the last ninety days. Insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Raymond James initiated coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price objective on the stock. Piper Sandler dropped their price target 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. Hovde Group cut their price target on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday. Finally, Wells Fargo & Company lowered their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.