First BanCorp. (FBP) to Release Quarterly Earnings on Wednesday

First BanCorp. (NYSE:FBP) will release its earnings data before the market opens on Wednesday, October 23rd. Analysts expect First BanCorp. to post earnings of $0.42 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $304.28 million for the quarter, compared to analysts’ expectations of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period in the prior year, the business posted $0.37 earnings per share. 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. Stock Down 2.8 %

Shares of NYSE FBP opened at $20.86 on Monday. The business has a 50-day moving average of $20.64 and a 200-day moving average of $19.13. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.72 and a beta of 1.10. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 12 month low of $12.72 and a 12 month high of $22.12.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FBP. Piper Sandler assumed coverage on First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 price target on the stock. Wells Fargo & Company upped their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Hovde Group raised their price target on shares of First BanCorp. from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, 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 for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

Insider Buying and Selling

In related news, EVP Carlos Power sold 22,896 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of the company’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 in the company, valued at approximately $3,807,786.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Carlos Power sold 22,896 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total transaction of $492,950.88. Following the sale, the executive vice president now owns 232,340 shares in the company, valued at approximately $5,002,280.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 82,452 shares of company stock valued at $1,790,066 over the last ninety days. Company 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.