NYSE:FBPBanks
A Look at First BanCorp's Valuation as Rate Cut Hopes Spark Regional Bank Rally
First BanCorp (FBP) is back in the headlines after a surge that followed Jerome Powell’s remarks at the Jackson Hole symposium. Powell hinted that the Federal Reserve may be looking at rate cuts as inflation shows signs of cooling and unemployment remains low. For regional banks like First BanCorp, this was a cue: investors worried about the pressure of high rates quickly shifted gears, sending shares higher as sentiment across the sector improved.
Looking at the past year, First BanCorp’s...