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FBP

First BanCorp

$10.74

-0.25 (-2.27%)

07:40
07/23/19
07/23
07:40
07/23/19
07:40

First BanCorp reports Q2 EPS 19c, consensus 19c

Reports Q2 book value per share $9.74. Reports Q2 CET1 capital ratio 20.63%. Reports Q2 net charge-offs 1.07%. Aurelio Aleman, President and CEO of First BanCorp., commented: "We reported another strong quarter of core earnings with net income of $41.3M or 19c per share. Pre-tax, pre-provision income reached another record level at $71M this quarter. Franchise metrics continue to move in a positive direction. Our loan portfolio grew $118M, representing our fourth consecutive quarter of loan growth. On a year-over-year basis the loan portfolio has grown over $425M, almost 5%, reflecting a 19% increase in the consumer portfolio, a 7% increase in the commercial and construction portfolio, and a decrease in the residential loan portfolio of approximately 5%, consistent with previously mentioned strategies. Origination activity was healthy at $885M and the pipeline for the remainder of the year continues to be strong. We continue achieving organic reductions in NPAs with a $31M reduction during the quarter, a 7% decrease which resulted in a ratio of NPAs to asset of 3.06%. Year-over-year we have reduced our NPAs by $237 million, or 38%. We have achieved this through organic reductions with minimal impact on our earnings. Inflows to NPAs for the quarter declined and credit quality improved in almost every asset class. Our capital continues to grow with tangible book value now at $9.57 per share and our common equity tier 1 capital ratio is 20.6%. Our organization is poised for growth and our teams are well prepared for executing on opportunities within our markets."

  • 23

    Jul

FBP First BanCorp
$10.74

-0.25 (-2.27%)

09/20/18
09/20/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ralph Lauren (RL) upgraded to Neutral from Underweight at Piper Jaffray with analyst Erinn Murphy, who remains concerned about the sustainability of Ralph Lauren's sales group, saying earnings estimates are likely to continue to grind higher given the company's "sound" cost control and favorable margin mix shift. 2. Caterpillar (CAT) upgraded to Outperform from Neutral at Baird with analyst Mig Dobre saying he believes demand growth should continue into 2019. 3. Copart (CPRT) upgraded to Buy from Hold at Gabelli with analyst Matthew Paige saying he raised his valuation multiple to 15x EBITDA from 12x to reflect the premium he believes the stock deserves relative to KAR Auction Service (KAR) given its EBITDA margin advantage and his view that current market conditions better support the salvage auction business than wholesale. 4. Arcturus Therapeutics (ARCT) upgraded to Strong Buy from Buy at WBB Securities. 5. First BanCorp (FBP) upgraded to Buy from Neutral at BofA/Merrill. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/20/18
09/20/18
UPGRADE
Target $11.5

Buy
First BanCorp upgraded to Buy on Puerto Rico recovery at BofA/Merrill
As previously reported, BofA/Merrill upgraded First BanCorp to Buy from Neutral and raised its price target to $11.50 from $9. Analyst Ebrahim Poonawala believes ongoing post-hurricane rebuilding efforts in Puerto Rico could pull the economy out of a decade-lone economic recession. A recovery could drive balance sheet and revenue growth at First BanCorp, and allow management to de-risk the balance sheet, the analyst wrote in a note to investors.
09/20/18
BOFA
09/20/18
UPGRADE
BOFA
Buy
First BanCorp upgraded to Buy from Neutral at BofA/Merrill

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