First BanCorp (Puerto Rico) (NYSE: FBP) has reported earnings for its second fiscal quarter (ending June 30) of $0.46 versus $0.39 for the same period a year ago — an increase of 18%. This result exceeded the consensus estimate of $0.40 by $0.06. For the latest four quarters through June 30, E.P.S. were $1.84 versus $1.59 for the same period a year ago — an increase of 16%.
Recent Price Action
First BanCorp (Puerto Rico) (NYSE: FBP) stock enjoyed a large increase of 3.3% on 7/23/24. The stock closed at $21.76. Moreover, unusually high trading volume at 154% of normal accompanied the advance. The stock has risen 11.5% during the last week and has been strong relative to the market over the last nine months.
Current PriceTarget Research Rating
Reflecting future returns on capital that are forecasted to be above the cost of capital, FBP is expected to continue to be an important Value Builder.
First BanCorp (Puerto Rico) has a current Value Trend Rating of A (Highest Rating). This rating combines consistent signals from two proprietary PTR measures of a stock’s attractiveness. First BanCorp (Puerto Rico) has a slightly positive Appreciation Score of 66 and a good Power Rating of 79, producing the Highest Value Trend Rating.
Rating Review
In light of this encouraging new earnings information and positive market action we are reviewing our current Overall Rating of A. We would continue to view the shares with optimism pending completion of this review in the next several days.
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