First BanCorp. (NYSE:FBP) Short Interest Up 37.8% in December

First BanCorp. (NYSE:FBP) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 5,400,000 shares, a growth of 37.8% from the November 30th total of 3,920,000 shares. Based on an average trading volume of 1,000,000 shares, the days-to-cover ratio is currently 5.4 days. Approximately 3.4% of the company’s shares are sold short.

First BanCorp. Stock Performance

NYSE:FBP traded down $0.14 during trading hours on Monday, reaching $18.55. The company had a trading volume of 532,860 shares, compared to its average volume of 1,038,994. The firm has a market cap of $3.04 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12. First BanCorp. has a 1-year low of $15.15 and a 1-year high of $22.40. The business’s 50 day moving average price is $20.10 and its 200-day moving average price is $20.07. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.78 and a quick ratio of 0.78.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First BanCorp. had a net margin of 24.94% and a return on equity of 19.91%. The company had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same quarter in the previous year, the company earned $0.46 earnings per share. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. Research analysts forecast that First BanCorp. will post 1.76 EPS for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date was Friday, November 29th. First BanCorp.’s dividend payout ratio is presently 35.36%.

Insider Buying and Selling at First BanCorp.

In related news, EVP Nayda Rivera sold 25,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares in the company, valued at approximately $5,011,223.10. This represents a 9.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.

Institutional Trading of First BanCorp.

Several institutional investors have recently modified their holdings of the stock. Gladius Capital Management LP purchased a new stake in shares of First BanCorp. during the third quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after purchasing an additional 1,668 shares during the last quarter. CWM LLC boosted its stake in First BanCorp. by 222.6% during the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock worth $60,000 after purchasing an additional 1,952 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. during the third quarter worth $66,000. Finally, USA Financial Formulas raised its position in shares of First BanCorp. by 166.7% in the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock valued at $76,000 after buying an additional 2,234 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FBP. Piper Sandler cut their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Hovde Group reduced their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Keefe, Bruyette & Woods raised their price objective on First BanCorp. from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their target price on shares of First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.60.

First BanCorp. Company Profile

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.