First Bancorp (NYSE:FBP) released its earnings results on Thursday. The bank reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01, Fidelity Earnings reports. First Bancorp had a net margin of 11.06% and a return on equity of 6.36%. The business had revenue of $151.04 million during the quarter, compared to analysts’ expectations of $161.70 million.
FBP stock traded down $0.04 during midday trading on Friday, reaching $8.91. 86,256 shares of the company were exchanged, compared to its average volume of 1,910,432. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98. First Bancorp has a one year low of $4.48 and a one year high of $9.38. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.42 and a beta of 1.90.
Several equities analysts recently weighed in on the stock. Merion Capital Group raised shares of First Bancorp from a “neutral” rating to an “outperform” rating and raised their target price for the company from $8.00 to $9.50 in a research note on Thursday, July 26th. Sandler O’Neill reaffirmed a “buy” rating and set a $10.00 price objective on shares of First Bancorp in a research report on Thursday, August 2nd. ValuEngine cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Bank of America raised shares of First Bancorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $9.00 to $12.00 in a research report on Thursday, September 20th. Seven research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $9.63.
First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. It operates through six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.
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