Is First BanCorp (Puerto Rico) overvalued or undervalued?

As of 23 October 2024, First BanCorp (Puerto Rico) has moved from an attractive to a fair valuation grade. The company appears to be fairly valued, with a P/E ratio of 12, a Price to Book Value of 2.03, and an EV to EBITDA of 6.63. In comparison to peers, Hancock Whitney Corp. has a lower P/E of 12.21, while Glacier Bancorp, Inc. is considered expensive with a P/E of 26.08.
The company's recent performance shows a year-to-date return of 19.63%, outperforming the S&P 500's return of 12.22% during the same period, which reinforces the notion of a fair valuation in the current market context.