Puerto Rican financial institution First BanCorp (NYSE: FBP) will be reporting results this Wednesday before the bell. Here’s what to expect.
First BanCorp beat analysts’ revenue expectations last quarter, reporting revenues of $257.2 million, up 6.5% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ tangible book value per share 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 3.3% year on year, slowing from the 7.6% 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 to 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 Q1 results, giving us a hint as to what we can expect. Wintrust Financial delivered year-on-year revenue growth of 11.4%, beating analysts’ expectations by 1.2%, and BancFirst reported revenues up 7.8%, topping estimates by 1%. BancFirst traded up 3.6% following the results.
Read our full analysis of Wintrust Financial’s results here and BancFirst’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 10.2% on average over the last month. First BanCorp is up 13.3% during the same time and is heading into earnings with an average analyst price target of $24.58 (compared to the current share price of $23.53).
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