First BanCorp. (NYSE:FBP) Releases Earnings Results, Beats Expectations By $0.08 EPS

First BanCorp. (NYSE:FBP) issued its earnings results on Wednesday. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08, Zacks reports. The firm had revenue of $264.86 million for the quarter, compared to analysts’ expectations of $265.31 million. First BanCorp. had a net margin of 28.31% and a return on equity of 17.51%.

Here are the key takeaways from First BanCorp.’s conference call:

• First BanCorp reported strong second-quarter results, with net income of $96.1 million ($0.62 per share), up 24% year over year, and pretax pre-provision income of $138 million, an all-time high.
• Loan growth accelerated on strong commercial activity in Puerto Rico, with total loans reaching $13.3 billion and originations of $1.7 billion, up 21% from a year ago. Management said the pipeline supports continued growth and reaffirmed its 3%-5% full-year loan growth target.
• Net interest margin expanded to 4.47% on a GAAP basis, or about 4.80% excluding fee acceleration, helped by higher investment yields and a variable-rate commercial loan book. Management now expects 3-5 basis points of quarterly NIM expansion from the 4.80% base if rates stay stable.
• Credit quality remained broadly stable, with net charge-offs improving to 49 bps from 65 bps last quarter and non-performing assets staying near historical lows. However, management noted a seasonal uptick in early delinquencies, mainly in auto finance leases, which it said it is monitoring closely.
• Capital and shareholder returns stayed strong, with the company completing $15 million of share repurchases and paying $31 million in dividends during the quarter. CET1 ended at a robust 17%, leaving room for continued investment, buybacks, and potential strategic opportunities.

First BanCorp. Stock Performance

Shares of FBP stock opened at $28.62 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. First BanCorp. has a one year low of $19.16 and a one year high of $28.93. The company’s 50-day simple moving average is $25.44 and its 200-day simple moving average is $23.26. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.74 and a beta of 0.82.

First BanCorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Thursday, August 27th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Thursday, August 27th. First BanCorp.’s dividend payout ratio is 35.56%.

Institutional Trading of First BanCorp.

Several hedge funds have recently bought and sold shares of FBP. Royal Bank of Canada boosted its position in First BanCorp. by 24.4% during the 1st quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock worth $824,000 after acquiring an additional 8,419 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First BanCorp. by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock worth $1,847,000 after buying an additional 4,236 shares during the period. Jones Financial Companies Lllp grew its position in First BanCorp. by 328.8% during the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after purchasing an additional 2,262 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after purchasing an additional 29,631 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in First BanCorp. by 1,445.7% in the first quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after purchasing an additional 402,488 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FBP has been the subject of several research reports. Wells Fargo & Company upped their price target on shares of First BanCorp. from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Benchmark initiated coverage on First BanCorp. in a research note on Wednesday, July 15th. They issued a “buy” rating and a $31.00 price target on the stock. Keefe, Bruyette & Woods upped their target price on shares of First BanCorp. from $27.00 to $31.00 and gave the stock a “market perform” rating in a research report on Thursday. Piper Sandler boosted their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 23rd. Finally, Raymond James Financial boosted their price objective on shares of First BanCorp. from $27.00 to $32.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $28.50.

Key First BanCorp. News

Here are the key news stories impacting First BanCorp. this week:

• Positive Sentiment: First BanCorp reported Q2 2026 earnings of $0.62 per share, beating estimates of $0.54, while revenue came in roughly in line with expectations. The beat suggests solid operating performance and helped support the stock. First BanCorp earnings report and conference call
• Positive Sentiment: Management said it expects 2026 loan growth of 3% to 5% and margin expansion of 3 to 5 basis points per quarter, reinforcing a stable growth outlook for the bank. First BanCorp loan growth outlook
• Neutral Sentiment: Keefe, Bruyette & Woods raised its price target on First BanCorp to $31 from $27 while keeping a “market perform” rating. The higher target signals improved valuation expectations, but the neutral rating limits the bullish takeaway. Benzinga article on price target increase
• Neutral Sentiment: The company also declared a quarterly dividend of $0.20 per share, supporting income-focused investors but not likely to materially change the near-term stock narrative. First BanCorp dividend announcement

First BanCorp. Company Profile

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.