First BanCorp. (NYSE:FBP) Short Interest Up 21.7% in January

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of First BanCorp. in a report on Thursday, January 22nd. Wells Fargo & Company decreased their target price on First BanCorp. from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Piper Sandler reissued a “neutral” rating and set a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a research report on Friday, January 30th. Finally, Hovde Group raised their target price on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, First BanCorp. currently has an average rating of “Moderate Buy” and a consensus target price of $24.58.

First BanCorp. Trading Up 0.1%

Shares of NYSE FBP opened at $22.44 on Tuesday. The stock has a market cap of $3.54 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 1.40 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. First BanCorp. has a 1 year low of $16.40 and a 1 year high of $23.43. The firm has a 50-day moving average of $21.61 and a 200 day moving average of $21.21.

First BanCorp. (NYSE:FBP) last released its earnings results 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 net margin of 27.48% and a return on equity of 17.33%. The firm had revenue of $257.17 million during the quarter, compared to analyst estimates of $256.18 million. During the same period last year, the business earned $0.46 earnings per share. As a group, sell-side analysts expect that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Thursday, February 26th will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, February 26th. This represents a $0.80 annualized dividend and a dividend yield of 3.6%. This is a boost from First BanCorp.’s previous quarterly dividend of $0.18. First BanCorp.’s payout ratio is presently 33.49%.

Insider Buying and Selling at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. 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 transaction, the director owned 637,019 shares in the company, valued at $14,415,739.97. This trade represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the company’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 sale, the executive vice president owned 62,937 shares of the company’s stock, valued at approximately $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. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in shares of First BanCorp. by 151.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,873 shares of the bank’s stock valued at $39,000 after buying an additional 1,129 shares during the last quarter. First Horizon Corp bought a new position in First BanCorp. during the 4th quarter valued at about $40,000. Hantz Financial Services Inc. boosted 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 acquiring an additional 2,035 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of First BanCorp. by 328.8% in the first quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock worth $57,000 after acquiring an additional 2,262 shares during the period. Finally, Covestor Ltd lifted its position in First BanCorp. by 56.7% during the third quarter. Covestor Ltd now owns 3,052 shares of the bank’s stock valued at $67,000 after purchasing an additional 1,104 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.