First BanCorp. (NYSE:FBP) Short Interest Update

First BanCorp. (NYSE:FBP) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 3,090,000 shares, a growth of 23.1% from the September 30th total of 2,510,000 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average daily volume of 986,500 shares, the days-to-cover ratio is currently 3.1 days.

Insider Activity

In other news, EVP Michael Mcdonald sold 7,612 shares of the company’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 value of $164,799.80. Following the transaction, the executive vice president now owns 89,420 shares of the company’s stock, valued at approximately $1,935,943. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of First BanCorp. by 5,054.5% in the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock valued at $36,000 after acquiring an additional 1,668 shares during the last quarter. CWM LLC lifted its stake in shares of First BanCorp. by 222.6% in the 3rd quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after acquiring an additional 1,952 shares during the last quarter. USA Financial Formulas raised its position in First BanCorp. by 166.7% during the 3rd quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after purchasing an additional 2,234 shares during the last quarter. SageView Advisory Group LLC bought a new position in First BanCorp. during the 1st quarter worth $110,000. Finally, Perkins Coie Trust Co bought a new position in First BanCorp. during the 2nd quarter worth $146,000. 97.91% of the stock is currently owned by institutional investors.

First BanCorp. Price Performance

NYSE FBP traded up $0.08 on Wednesday, hitting $19.43. 639,960 shares of the company’s stock were exchanged, compared to its average volume of 1,036,441. The stock has a 50-day moving average of $20.56 and a 200-day moving average of $19.26. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.44. First BanCorp. has a 52 week low of $13.18 and a 52 week high of $22.12. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 1.74 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last released its earnings results on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm had revenue of $234.57 million during the quarter, compared to analysts’ expectations of $238.51 million. During the same period in the prior year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts expect that First BanCorp. will post 1.76 earnings per share for the current 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 paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.29%. First BanCorp.’s payout ratio is 36.57%.

Analysts Set New Price Targets

FBP has been the topic of a number of analyst reports. Raymond James initiated coverage on First BanCorp. in a research report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 price target on the stock. Piper Sandler reduced their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company reduced their price target on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Finally, Hovde Group reduced their price target on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Two investment 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. presently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

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.