First BanCorp. (NYSE:FBP) Short Interest Update

First BanCorp. (NYSE:FBP) saw a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 8,022,790 shares, a growth of 21.7% from the January 15th total of 6,590,057 shares. Currently, 5.2% of the company’s shares are short sold. Based on an average daily volume of 1,937,215 shares, the days-to-cover ratio is currently 4.1 days. Based on an average daily volume of 1,937,215 shares, the days-to-cover ratio is currently 4.1 days. Currently, 5.2% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FBP shares. Piper Sandler reaffirmed a “neutral” rating and issued a $24.00 target price (up from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Truist Financial lifted their price objective on First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Keefe, Bruyette & Woods increased their target price on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a research report on Wednesday, January 28th. Finally, Wells Fargo & Company dropped their price target on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average price target of $24.58.

First BanCorp. Stock Performance

FBP stock opened at $22.49 on Thursday. The stock’s 50 day simple moving average is $21.68 and its 200 day simple moving average is $21.23. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.15. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43. The stock has a market capitalization of $3.55 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The firm had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be paid a $0.20 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Thursday, February 26th. First BanCorp.’s dividend payout ratio (DPR) is presently 33.49%.

Insider Transactions at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total transaction of $106,881.49. Following the completion of the transaction, the director owned 637,019 shares in the company, valued at $14,415,739.97. This represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Mcdonald sold 34,122 shares of the firm’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the sale, the executive vice president directly owned 62,937 shares of the company’s stock, valued at $1,391,537.07. The trade was a 35.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in First BanCorp. by 14.4% in the 3rd quarter. Principal Financial Group Inc. now owns 910,845 shares of the bank’s stock worth $20,084,000 after acquiring an additional 114,931 shares in the last quarter. CWM LLC increased its stake in shares of First BanCorp. by 93.4% in the second quarter. CWM LLC now owns 5,315 shares of the bank’s stock worth $111,000 after purchasing an additional 2,567 shares in the last quarter. Bayforest Capital Ltd raised its position in shares of First BanCorp. by 191.9% during the 3rd quarter. Bayforest Capital Ltd now owns 40,723 shares of the bank’s stock valued at $898,000 after purchasing an additional 26,772 shares during the period. American Century Companies Inc. lifted its stake in shares of First BanCorp. by 8.9% during the 2nd quarter. American Century Companies Inc. now owns 7,541,918 shares of the bank’s stock valued at $157,098,000 after buying an additional 616,170 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new position in First BanCorp. in the 2nd quarter worth $427,000. Institutional investors own 97.91% of the company’s stock.

About First BanCorp.

First BanCorp (NYSE: FBP) is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal banking subsidiary, FirstBank Puerto Rico, the company offers a comprehensive range of banking services including commercial and consumer lending, deposit products, cash management solutions and treasury services. It also provides mortgage origination and servicing, equipment leasing, investment management, and insurance agency services.

In its commercial banking segment, First BanCorp serves small and midsize enterprises as well as large corporate clients, delivering tailored credit facilities, letters of credit, and foreign trade financing.