First BanCorp

FBP · NYSE

$27.58+$0.45 (+1.66%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $27.13

FBP analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy1
Buy5
Hold2
Underperform0
Sell0

12-month price target · 9 analysts

Average $37.23 (+35.0% upside)

Low: $30.30
Now: $27.58
High: $74.55

Upgrades and downgrades

The latest rating actions, newest first

FBP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Sep 30, 2026	Maintains	Overweight	$33.00 → $32.00	62%
Wells Fargo	Aug 10, 2026	Maintains	Overweight	$28.00 → $33.00	62%
Benchmark	Jul 23, 2026	Maintains	Buy	$31.00 → $33.00	39%
Keefe, Bruyette & Woods	Jul 23, 2026	Maintains	Market Perform	$27.00 → $31.00	63%
Benchmark	Jul 15, 2026	Initiates	Buy	$31.00	39%
Truist Securities	Jul 13, 2026	Maintains	Buy	$26.00 → $30.00	63%
Wells Fargo	Jul 6, 2026	Maintains	Overweight	$26.00 → $28.00	63%
Raymond James	Jul 1, 2026	Maintains	Strong Buy	$27.00 → $32.00	59%
Raymond James	Apr 27, 2026	Upgrade	Outperform → Strong Buy	$26.00 → $27.00	59%
Truist Securities	Apr 23, 2026	Maintains	Buy	$25.00 → $26.00	63%

The case for and against

Updated Oct 14, 2026

Bull case

First BanCorp is viewed positively because it is delivering stronger-than-expected earnings power, with 2Q26 EPS of $0.62 versus $0.54 consensus, a record 2.02% ROA, and better NII, expenses, and provisioning than expected. Its core fundamentals are reinforced by 5% linked-quarter loan growth, 6.6% deposit growth, a 5.00% NIM, and improving credit metrics, all supported by a low-cost Puerto Rico funding base and a CET1 ratio of 16.9%. The outlook is further strengthened by Puerto Rico’s moderate economic expansion, ongoing onshoring and federal fund disbursements, and FBP’s ability to compound mid-single-digit EPS growth while maintaining best-in-class profitability.

Bear case

First BanCorp is viewed negatively because its earnings power, while still strong, is likely to soften as provisioning rises and fee income seasonality fades, with analysts modeling ROA easing from 1.89% in 1Q26 toward 1.75% and PPNR around 1.8%. Credit risk remains a central concern: delinquencies are increasing in the auto book, NCOs and provisions are expected to move back into the 60bp/70bp range, and $129.1M of criticized loans along with a $354.2M unrealized loss in the securities portfolio underscore vulnerability. Its heavy dependence on Puerto Rico also heightens exposure to slower local growth, weaker vehicle sales, and real estate or funding shocks that could pressure loan growth, asset quality, and profitability.

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