Puerto Rican financial institution First BanCorp (NYSE: FBP) will be announcing earnings results this Thursday morning. Here’s what to look for.
First BanCorp beat analysts’ revenue expectations last quarter, reporting revenues of $264.7 million, up 7.2% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but a miss of analysts’ net interest income estimates.
Is First BanCorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First BanCorp’s revenue to grow 9.2% year on year, improving from the 6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. First BanCorp has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at First BanCorp’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. QCR Holdings’s revenues decreased 11.7% year on year, missing analysts’ expectations by 8.9%, and Washington Trust Bancorp reported revenues up 15%, topping estimates by 4.1%. Washington Trust Bancorp traded up 4.2% following the results.
Read our full analysis of QCR Holdings’s results here and Washington Trust Bancorp’s results here.
Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3% on average over the last month. First BanCorp’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $31.43 (compared to the current share price of $27.57).
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.
