Short Interest in First BanCorp. (NYSE:FBP) Rises By 21.7%

First BanCorp. (NYSE:FBP) was the target of a large 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. Approximately 5.2% of the company’s stock are short sold. Based on an average daily volume of 1,937,215 shares, the short-interest ratio is currently 4.1 days. Based on an average daily volume of 1,937,215 shares, the short-interest ratio is currently 4.1 days. Approximately 5.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several research firms have commented on FBP. Piper Sandler reissued a “neutral” rating and set a $24.00 target price (up previously from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Keefe, Bruyette & Woods lifted their price target on First BanCorp. from $24.00 to $24.50 and gave the stock a “market perform” rating in a report on Wednesday, January 28th. Hovde Group upped their price target on First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Finally, Truist Financial upped their price objective on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, First BanCorp. presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.58.

First BanCorp. Trading Up 0.1%

First BanCorp. stock opened at $22.44 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a fifty-two week low of $16.40 and a fifty-two week high of $23.43. The stock has a market cap of $3.54 billion, a P/E ratio of 10.43, a PEG ratio of 1.40 and a beta of 0.88. The firm’s fifty day moving average price is $21.61 and its 200-day moving average price is $21.21.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating 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 company had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. During the same quarter last year, the company earned $0.46 earnings per share. Equities 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 announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Thursday, February 26th will be paid a $0.20 dividend. This is an increase from First BanCorp.’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, February 26th. First BanCorp.’s payout ratio is 33.49%.

Insider Buying and Selling

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

Institutional Trading of First BanCorp.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in First BanCorp. by 151.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after acquiring an additional 1,129 shares during the last quarter. First Horizon Corp bought a new position in shares of First BanCorp. during the 4th quarter valued at about $40,000. Hantz Financial Services Inc. raised its holdings in shares of First BanCorp. by 1,695.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,155 shares of the bank’s stock valued at $48,000 after buying an additional 2,035 shares in the last quarter. Jones Financial Companies Lllp lifted its position in First BanCorp. by 328.8% in the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after buying an additional 2,262 shares during the last quarter. Finally, State of Wyoming purchased a new stake in First BanCorp. in the fourth quarter worth approximately $64,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

First BanCorp. Company Profile

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.