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First Bancorp Puerto Rico
(NYSE:FBP)
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Rating:75Outperform
Price Target:
$31.00
â–²(10.71% Upside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by strong financial performance (healthy margins/ROE and sharply reduced leverage) and a constructive earnings-call outlook supported by strong capital and shareholder returns. Valuation is supportive with a moderate P/E and solid yield, while technicals are neutral-to-mixed (slightly negative MACD and trading around key moving averages), limiting the overall score.
Positive Factors
Strong profitability
Sustained high profitability indicates that First Bancorp is converting its banking franchise, funding base, and loan portfolio into strong earnings. Durable returns provide internal capital to support technology, growth initiatives, dividends, and buybacks while reinforcing competitive resilience.
Negative Factors
Funding-cost pressure
Higher funding costs can compress the spread between earning assets and deposits, directly limiting net interest income even when loan balances grow. Continued deposit repricing and competition may make margin recovery dependent on asset repricing and disciplined balance-sheet management.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Sustained high profitability indicates that First Bancorp is converting its banking franchise, funding base, and loan portfolio into strong earnings. Durable returns provide internal capital to support technology, growth initiatives, dividends, and buybacks while reinforcing competitive resilience.
Read all positive factors
First Bancorp Puerto Rico (FBP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.19B
Dividend Yield2.84%
Average Volume (3M)1.52M
Price to Earnings (P/E)11.4
Beta (1Y)0.83
Revenue Growth3.06%
EPS Growth15.68%
CountryUS
Employees3,218
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.39
Shares Outstanding152,668,270
10 Day Avg. Volume1,475,183
30 Day Avg. Volume1,515,972
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)1.69
Price to Sales (P/S)2.64
P/FCF Ratio7.64
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue2.97
Enterprise Value/Gross Profit3.97
Enterprise Value/Ebitda8.15
Forecast
1Y Price Target
$31.00Price Target Upside10.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.4
Revenue Forecast (FY)$1.09B
First Bancorp Puerto Rico Business Overview & Revenue Model
Company Description
First BanCorp., operating as the holding company for FirstBank Puerto Rico, delivers a broad spectrum of financial services to retail, commercial, and institutional clients. The company's operations are structured into six key segments: Commercial...
How the Company Makes Money
First Bancorp primarily makes money through banking spread and fee-based income generated by its banking subsidiaries. (1) Net interest income: The company earns interest and fees on loans and other interest-earning assets (e.g., commercial loans,...
First Bancorp Puerto Rico Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 22, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. The company reported stable profitability, 14% year-to-date EPS growth, broad-based commercial loan growth, healthy credit quality, a 16.9% CET1 ratio, strong shareholder distributions, operating efficiency below target, a constructive commercial pipeline, and continued digital and franchise investment. The principal challenges were lower net interest income and non-interest income, a 14-basis-point margin decline, higher funding costs, a litigation-related contingency reserve, increased consumer and auto-related charge-offs, and pressure on consumer growth. Management presented these issues alongside stable fourth-quarter margin expectations and continued repricing and capital deployment opportunities.Positive Updates
Stable Quarterly Profitability and Strong Year-to-Date EPS Growth
Net income totaled $96.1 million, or $0.63 per share, essentially unchanged from the prior quarter, while year-to-date earnings per share increased 14% compared with the same period last year.
Negative Updates
Net Interest Income and Non-Interest Income Declined Sequentially
Net interest income declined by approximately $1.6 million from the prior quarter, while non-interest income decreased by $3.1 million. Lower provision expense and income taxes largely offset softer net interest income, lower non-interest income, and higher operating expenses.
Read all updates
Q3-2026 Updates
Positive
Negative
Stable Quarterly Profitability and Strong Year-to-Date EPS Growth
Net income totaled $96.1 million, or $0.63 per share, essentially unchanged from the prior quarter, while year-to-date earnings per share increased 14% compared with the same period last year.
Read all positive updates
Company Guidance
Management said it remains confident it can achieve the lower end of its 3%-5% loan-growth guidance, expects to close $50 million more in buybacks during the fourth quarter, and expects core margin to remain near current quarter levels during the fourth quarter. The investment portfolio repricing opportunity is approximately $252 million at an average yield of 2.23%, while cash flows from the investment portfolio are estimated at around $250 million from lower yielding security; these, floating loan portfolio repricing, and loan growth should provide support if rates continue to move higher as expected. Securities purchased during the quarter were around $400 million at 5.44%, and the company said it should be able to invest the $252 million at high 5s and lower 6s. Non-interest income should continue to be around the levels of this third quarter, consumer portfolios are forecast to decrease a bit on a quarterly basis but are expected to stabilize, and the company expects stability in reserves and similar levels of ACL coverage going forward if credit quality remains stable. The capital-return goal is to stay around 100%; management said it will provide more guidance in January and could go beyond that in 2027 if the opportunity arises.First Bancorp Puerto Rico Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.27B | 1.26B | 1.19B | 1.12B | 953.89M | 882.02M |
| Gross Profit | 947.91M | 916.38M | 843.72M | 830.16M | 858.16M | 882.53M |
| EBITDA | 461.81M | 437.49M | 416.20M | 425.67M | 478.69M | 464.19M |
| Net Income | 372.56M | 344.87M | 298.72M | 302.86M | 305.07M | 281.02M |
Balance Sheet | ||||||
| Total Assets | 19.24B | 19.13B | 19.29B | 18.91B | 18.63B | 20.79B |
| Cash, Cash Equivalents and Short-Term Investments | 559.63M | 657.15M | 5.72B | 5.89B | 6.00B | 8.68B |
| Total Debt | 200.00M | 364.37M | 561.70M | 661.70M | 933.89M | 683.76M |
| Total Liabilities | 17.26B | 17.17B | 17.62B | 17.41B | 17.31B | 18.68B |
| Stockholders Equity | 1.98B | 1.97B | 1.67B | 1.50B | 1.33B | 2.10B |
Cash Flow | ||||||
| Free Cash Flow | 438.41M | 434.03M | 394.14M | 340.36M | 420.03M | 386.37M |
| Operating Cash Flow | 455.56M | 445.07M | 404.15M | 362.96M | 440.49M | 399.72M |
| Investing Cash Flow | -465.89M | -166.90M | 136.23M | -78.45M | -681.46M | -1.26B |
| Financing Cash Flow | -165.06M | -778.98M | -44.13M | -101.85M | -1.82B | 1.91B |
First Bancorp Puerto Rico Technical Analysis
Positive
28.00
Price Trends
27.53
Negative
27.17
Positive
24.58
Positive
Market Momentum
>-0.01
Negative
54.40
Neutral
71.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBP, the sentiment is Positive. The current price of 28 is above the 20-day moving average (MA) of 26.92, above the 50-day MA of 27.53, and above the 200-day MA of 24.58, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.40 is Neutral, neither overbought nor oversold. The STOCH value of 71.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FBP.
First Bancorp Puerto Rico Risk Analysis
First Bancorp Puerto Rico disclosed 64 risk factors in its most recent earnings report. First Bancorp Puerto Rico reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Bancorp Puerto Rico Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.17B | 9.88 | 16.38% | 2.63% | 2.09% | 19.22% | |
76 Outperform | $2.79B | 13.05 | 12.78% | 3.97% | 1.90% | 41.02% | |
75 Outperform | $4.19B | 11.43 | 18.91% | 2.84% | 3.06% | 15.68% | |
74 Outperform | $3.08B | 11.26 | 9.83% | 4.10% | 1.01% | 9.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $1.18B | 17.62 | 8.03% | 1.20% | -8.09% | 6.96% | |
62 Neutral | $3.10B | 11.87 | 9.21% | 2.98% | -4.90% | 4.43% |
* Financial Sector Average
FBP
First Bancorp Puerto Rico
27.42
8.26
43.13%
BOH
Bank Of Hawaii
70.60
8.90
14.43%
BKU
BankUnited
43.57
5.68
15.00%
OFG
OFG Bancorp
51.27
13.37
35.29%
FHB
First Hawaiian
25.34
1.31
5.47%
AMTB
Amerant Bancorp
30.06
12.81
74.28%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.