First BanCorp. (NYSE:FBP) Short Interest Up 23.1% in October

First BanCorp. (NYSE:FBP) was the recipient of a large growth in short interest in 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. Based on an average trading volume of 986,500 shares, the short-interest ratio is currently 3.1 days. Approximately 1.9% of the company’s shares are short sold.

First BanCorp. Stock Up 0.4 %

NYSE:FBP traded up $0.08 during trading hours on Wednesday, reaching $19.43. 639,960 shares of the stock were exchanged, compared to its average volume of 1,036,441. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.77 and a quick ratio of 0.76. First BanCorp. has a twelve month low of $13.18 and a twelve month high of $22.12. The stock has a market cap of $3.23 billion, a PE ratio of 11.10, a PEG ratio of 1.74 and a beta of 1.10. The firm has a 50 day moving average of $20.56 and a 200 day moving average of $19.26.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $238.51 million. During the same period in the prior year, the firm earned $0.46 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. On average, equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wells Fargo & Company dropped their price target on shares of 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. Raymond James started coverage on shares of First BanCorp. in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock. Piper Sandler dropped their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Hovde Group reduced their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

Insiders Place Their Bets

In related news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $21.51, for a total transaction of $41,815.44. Following the completion of the sale, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at approximately $1,881,608.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First BanCorp.

A number of institutional investors have recently added to or reduced their stakes in FBP. CANADA LIFE ASSURANCE Co grew its holdings in First BanCorp. by 0.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 176,964 shares of the bank’s stock worth $3,101,000 after acquiring an additional 815 shares during the period. SummerHaven Investment Management LLC lifted its stake in First BanCorp. by 1.5% in the second 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 period. Mercer Global Advisors Inc. ADV lifted its stake in First BanCorp. by 8.9% in the second 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 holdings in shares of First BanCorp. by 4.8% during the 2nd quarter. FCG Investment Co now owns 30,111 shares of the bank’s stock worth $551,000 after buying an additional 1,375 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of First BanCorp. by 4.3% during the 1st quarter. ProShare Advisors LLC now owns 33,708 shares of the bank’s stock worth $591,000 after buying an additional 1,396 shares during the period. 97.91% of the stock is owned by institutional investors.

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.