First BanCorp. (NYSE:FBP) Sees Large Increase in Short Interest

First BanCorp. (NYSE:FBP) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 3,090,000 shares, an increase of 23.1% from the September 30th total of 2,510,000 shares. Based on an average trading volume of 986,500 shares, the days-to-cover ratio is presently 3.1 days. Currently, 1.9% of the company’s stock are short sold.

First BanCorp. Stock Performance

FBP stock traded up $0.08 during mid-day trading on Wednesday, hitting $19.43. The company had a trading volume of 639,960 shares, compared to its average volume of 1,036,441. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. The firm has a market cap of $3.23 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 1.74 and a beta of 1.10. First BanCorp. has a 12 month low of $13.18 and a 12 month high of $22.12. The stock’s fifty day moving average price is $20.56 and its two-hundred day moving average price is $19.26.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 25.91% and a return on equity of 21.86%. The company had revenue of $234.57 million for the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter in the previous year, the firm posted $0.46 EPS. First BanCorp.’s revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.29%. First BanCorp.’s dividend payout ratio is presently 36.57%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wells Fargo & Company lowered their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, October 24th. Hovde Group dropped their target price on shares of First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Raymond James started coverage on First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 target price on the stock. Finally, Piper Sandler decreased their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating for the company in a research 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’s stock. According to data from MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and a consensus target price of $21.40.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Michael Mcdonald sold 7,612 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $21.65, for a total transaction of $164,799.80. Following the completion of the sale, the executive vice president now directly owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On First BanCorp.

Several large investors have recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. purchased a new stake in First BanCorp. during the first quarter valued at about $16,719,000. Vanguard Group Inc. raised its position in shares of First BanCorp. by 2.0% in the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after purchasing an additional 448,845 shares during the period. LSV Asset Management lifted its stake in shares of First BanCorp. by 22.9% during the 2nd quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after buying an additional 301,443 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in First BanCorp. by 55.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after buying an additional 235,156 shares during the period. Finally, Edgestream Partners L.P. grew its stake in First BanCorp. by 44.4% in the 1st quarter. Edgestream Partners L.P. now owns 459,484 shares of the bank’s stock valued at $8,059,000 after buying an additional 141,261 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.