Stock Track | First BanCorp Stock Plummets Despite Earnings Beat

Stock Track10-24

First BanCorp (NYSE: FBP), the holding company for FirstBank Puerto Rico, saw its stock price plunge over 5% on October 23, despite reporting better-than-expected earnings for the third quarter of 2024. The financial services firm's mixed results and tepid growth prospects seem to have dampened investor sentiment, leading to the sell-off.

For the quarter ended September 30, 2024, First BanCorp reported adjusted earnings of $0.45 per share, surpassing the consensus analyst estimate of $0.41. However, the company's earnings per share (EPS) declined compared to the same period last year, when it reported EPS of $0.46, potentially raising concerns among investors.

Furthermore, First BanCorp's revenue for the quarter fell short of expectations. The company reported revenue of $202.06 million, missing the analyst consensus estimate of $206.98 million. The weaker-than-anticipated top-line growth could signal challenges in expanding the company's business and maintaining its profitability levels.

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