2024-03-26 16:33:48 ET
Summary
- First BanCorp's stock has seen a significant increase in recent months, easily outperforming the broader market.
- The institution's fundamental condition remains healthy, with growth in deposits and loans.
- But the stock is expensive relative to book value, making it less attractive for value investors.
Late last year was a pretty good time for the banking sector. Shares were depressed for most of 2023 across the industry because of the banking crisis that occurred in March of last year. This offered investors a number of good opportunities, as well as some opportunities that were fairly bad. One of the firms that ended up doing well toward the end of the year was First BanCorp. ( FBP ), a fairly small bank with a market capitalization of $2.86 billion as I type this. It has operations in Puerto Rico, with branches in the US Virgin Islands, British Virgin Islands, and Florida....
Read the full article on Seeking Alpha
For further details see:
First BanCorp Has Had A Great Run (Downgrade)