Zacks: Brokerages Anticipate First BanCorp. (FBP) to Announce $0.12 EPS
Brokerages forecast that First BanCorp. (NYSE:FBP) will post $0.12 earnings per share for the current quarter, Zacks reports. Zero analysts have issued estimates for First BanCorp.’s earnings. First BanCorp. posted earnings of $0.11 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 9.1%. The company is scheduled to issue its next quarterly earnings report on Tuesday, October 24th.
On average, analysts expect that First BanCorp. will report full-year earnings of $0.47 per share for the current fiscal year, with EPS estimates ranging from $0.47 to $0.48. For the next year, analysts forecast that the company will post earnings of $0.50 per share, with EPS estimates ranging from $0.47 to $0.52. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that cover First BanCorp..
First BanCorp. (NYSE:FBP) last released its earnings results on Friday, July 28th. The bank reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. First BanCorp. had a return on equity of 5.57% and a net margin of 15.17%. The firm had revenue of $144.45 million for the quarter, compared to the consensus estimate of $145.55 million. During the same period in the prior year, the business posted $0.10 earnings per share.
Several research firms have weighed in on FBP. Zacks Investment Research upgraded First BanCorp. from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a report on Tuesday, August 1st. BidaskClub lowered First BanCorp. from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. First BanCorp. currently has a consensus rating of “Hold” and an average target price of $7.00.
In other news, insider Oaktree Fund Gp, Llc sold 10,000,000 shares of First BanCorp. stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.66, for a total value of $56,600,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 21.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in First BanCorp. during the fourth quarter worth approximately $10,760,000. Teachers Advisors LLC raised its position in First BanCorp. by 114.1% in the fourth quarter. Teachers Advisors LLC now owns 575,716 shares of the bank’s stock worth $3,805,000 after buying an additional 306,824 shares during the last quarter. Bank of Montreal Can raised its position in First BanCorp. by 1.6% in the first quarter. Bank of Montreal Can now owns 19,836 shares of the bank’s stock worth $112,000 after buying an additional 316 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in First BanCorp. during the first quarter worth approximately $173,000. Finally, Louisiana State Employees Retirement System raised its position in First BanCorp. by 17.7% in the first quarter. Louisiana State Employees Retirement System now owns 63,800 shares of the bank’s stock worth $360,000 after buying an additional 9,600 shares during the last quarter. Institutional investors and hedge funds own 86.06% of the company’s stock.
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Shares of First BanCorp. (NYSE:FBP) traded up 0.54% during midday trading on Friday, reaching $5.61. The company’s stock had a trading volume of 1,769,919 shares. The stock has a market capitalization of $1.21 billion, a PE ratio of 11.94 and a beta of 2.01. The stock has a 50-day moving average price of $5.85 and a 200 day moving average price of $5.88. First BanCorp. has a 52 week low of $4.28 and a 52 week high of $7.05.
About First BanCorp.
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