First BanCorp. (NYSE:FBP) Short Interest Update

First BanCorp. (NYSE:FBP) saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,510,000 shares, a decrease of 5.6% from the September 15th total of 2,660,000 shares. Based on an average daily trading volume, of 1,050,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.6% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FBP shares. Hovde Group increased their price target on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler assumed coverage on First BanCorp. in a research report on Monday, August 26th. They set a “neutral” rating and a $22.00 target price for the company. Wells Fargo & Company boosted their price target on shares of First BanCorp. from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Raymond James began coverage on shares of First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price objective on the stock. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First BanCorp. presently has an average rating of “Moderate Buy” and a consensus target price of $22.20.

Insider Activity

In related news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total transaction of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares in the company, valued at $3,807,786.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Donald Kafka sold 50,000 shares of First BanCorp. stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $21.81, for a total value of $1,090,500.00. Following the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. 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 link. Also, EVP Carlos Power sold 22,896 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.53, for a total value of $492,950.88. Following the completion of the sale, the executive vice president now owns 232,340 shares of the company’s stock, valued at $5,002,280.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 82,452 shares of company stock worth $1,790,066. 2.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First BanCorp.

Hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co increased its stake in First BanCorp. by 0.5% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after purchasing an additional 815 shares during the period. SummerHaven Investment Management LLC raised its holdings in First BanCorp. by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 57,876 shares of the bank’s stock valued at $1,059,000 after buying an additional 856 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in First BanCorp. by 8.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,852 shares of the bank’s stock valued at $217,000 after buying an additional 971 shares during the period. FCG Investment Co boosted its position in First BanCorp. by 4.8% during the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock valued at $551,000 after buying an additional 1,375 shares during the period. Finally, ProShare Advisors LLC grew its holdings in First BanCorp. by 4.3% in the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after acquiring an additional 1,396 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

First BanCorp. Trading Up 1.2 %

NYSE FBP opened at $21.46 on Friday. First BanCorp. has a 52 week low of $12.72 and a 52 week high of $22.12. The company has a market cap of $3.57 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.72 and a beta of 1.10. The business has a 50 day moving average price of $20.62 and a 200-day moving average price of $19.08. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. The company had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the business posted $0.37 earnings per share. As a group, equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 29th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Thursday, August 29th. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

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.