First BanCorp. (NYSE:FBP) Short Interest Down 20.5% in January

First BanCorp. (NYSE:FBP) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 4,070,000 shares, a decrease of 20.5% from the January 15th total of 5,120,000 shares. Approximately 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,020,000 shares, the short-interest ratio is presently 4.0 days.

First BanCorp. Trading Down 0.3 %

FBP traded down $0.07 during mid-day trading on Friday, reaching $20.39. The stock had a trading volume of 713,218 shares, compared to its average volume of 980,759. The stock has a market capitalization of $3.34 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.41 and a beta of 1.14. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm’s fifty day simple moving average is $19.63 and its two-hundred day simple moving average is $20.24. First BanCorp. has a 52 week low of $16.24 and a 52 week high of $22.40.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same period last year, the business posted $0.46 EPS. On average, equities analysts predict that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a $0.18 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, February 21st. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

Insider Transactions at First BanCorp.

In other news, EVP Carlos Power sold 10,321 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the completion of the transaction, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This represents a 5.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FBP. Gladius Capital Management LP bought a new position in shares of First BanCorp. in the 3rd quarter worth $25,000. R Squared Ltd bought a new position in First BanCorp. during the fourth quarter worth about $28,000. Picton Mahoney Asset Management lifted its holdings in First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after acquiring an additional 514 shares in the last quarter. Blue Trust Inc. lifted its holdings in First BanCorp. by 5,054.5% during the third quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after acquiring an additional 1,668 shares in the last quarter. Finally, CWM LLC lifted its holdings in First BanCorp. by 222.6% during the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after acquiring an additional 1,952 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FBP. Wells Fargo & Company dropped their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Hovde Group dropped their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Keefe, Bruyette & Woods raised their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Piper Sandler dropped their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

About First BanCorp.

First BanCorp. operates as a bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to consumers and commercial customers. The company operates through six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.