First BanCorp (NYSE:FBP) is a financial holding company. It primarily operates through its subsidiary, FirstBank Puerto Rico, offering a range of banking services. The company serves customers in Puerto Rico, the U.S. Virgin Islands, and Florida, competing with other regional banks in these markets.
On April 27, 2026, analyst firm Raymond James upgraded its rating for First BanCorp stock from 'Outperform' to 'Strong Buy'. This positive revision came when First BanCorp's shares were trading at $23.41. An upgrade often suggests an analyst believes the stock will perform very well in the future.
The upgrade follows First BanCorp's strong first-quarter results. The company reported earnings per share (EPS) of $0.57. EPS shows a company's profit per outstanding share of stock. This figure beat analyst estimates by over 9.6%, as highlighted by Zacks, and was a significant increase from $0.47 a year ago.
First BanCorp's revenue also shows growth, reaching $258.64 million for the quarter, a 4.2% increase from the previous year. The company's net income, or total profit after all expenses, rose to $88.8 million. This is an improvement from the $77.1 million reported in the first quarter of 2025.
As noted by Business Wire, CEO Aurelio Alemán highlighted a 21% year-over-year increase in EPS. The company achieved a return on average assets (ROAA) of 1.89%. ROAA is a key metric that shows how profitably a company uses its assets, with this being First BanCorp's 17th straight quarter above 1.5%.
