Group 1: Earnings Performance - First Bancorp reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, but down from $0.46 per share a year ago, representing an earnings surprise of 4.65% [1] - The company posted revenues of $234.57 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.18%, compared to $230.02 million in the same quarter last year [1] - Over the last four quarters, First Bancorp has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [1] Group 2: Stock Performance and Outlook - First Bancorp shares have increased approximately 24% since the beginning of the year, outperforming the S&P 500's gain of 22.7% [2] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for future stock performance [3] - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $246.56 million, and for the current fiscal year, it is $1.76 on revenues of $948.53 million [4] Group 3: Industry Context - The Zacks Industry Rank for Banks - Southeast is currently in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Customers Bancorp, another company in the same industry, is expected to report a quarterly earnings decline of 44% year-over-year, with a consensus EPS estimate revised 8.6% lower over the last 30 days [5]

First Bancorp (FBP) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 23, 2024, might help the stock move higher if these key numbers are better t ...

Exhibit 99.1 FIRST BANCORP. ANNOUNCES EARNINGS FOR THE QUARTER ENDED JUNE 30, 2024 SAN JUAN, Puerto Rico – July 23, 2024 – First BanCorp. (the "Corporation" or "First BanCorp.") (NYSE: FBP), the bank holding company for FirstBank Puerto Rico ("FirstBank" or "the Bank"), today reported a net income $75.8 million, or $0.46 per diluted share, for the second quarter of 2024, compared to $73.5 million, or $0.44 per diluted share, for the first quarter of 2024, and $70.7 million, or $0.39 per diluted share, for t ...

First Bancorp (FBP) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the ...

The earnings report, which is expected to be released on July 23, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $229.41 million, down 2.8% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.14% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collect ...

This holding company for FirstBank Puerto Rico has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 20.72%. Price and EPS Surprise Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus es ...

Looking at its price performance, First BanCorp shares have gained 6.2% over the past six months against the industry's 5.5% decline. Its long-term (three-five years) projected EPS growth rate of 6.9% offers rewards for shareholders. It seems to be a wise idea to add the First BanCorp. (FBP) stock to your portfolio now. Supported by the high interest rate environment and decent loan growth, the company is well-poised for top-line expansion. Some other factors mentioned below make First BanCorp stock a solid ...

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases. Bottom Lin ...

Investors might want to bet on First Bancorp (FBP) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices - - has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. T ...

This Zacks Rank #1 company has a dividend yield of 1.4%, compared with the industry average of 0.0%. First BanCorp. (FBP) : This bank holding company for FirstBank Puerto Rico has witnessed the Zacks Consensus Estimate for its current year earnings increasing 9.3% the last 60 days. This Zacks Rank #1 company has a dividend yield of 3.6%, compared with the industry average of 2.7%. Preferred Bank (PFBC) : This bank holding company has witnessed the Zacks Consensus Estimate for its current year earnings incre ...