First BanCorp. (NYSE:FBP) Sees Significant Growth in Short Interest

First BanCorp. (NYSE:FBP) was the recipient of a significant growth in short interest in 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 presently 5.4 days. Approximately 3.4% of the shares of the company are sold short.

First BanCorp. Stock Performance

Shares of First BanCorp. stock traded down $0.14 during trading on Monday, reaching $18.55. The company’s stock had a trading volume of 532,860 shares, compared to its average volume of 1,038,994. First BanCorp. has a 52 week low of $15.15 and a 52 week high of $22.40. The firm has a market cap of $3.04 billion, a PE ratio of 10.25, a P/E/G ratio of 1.82 and a beta of 1.12. The business’s 50-day moving average price is $20.13 and its 200-day moving average price is $20.06. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.36.

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

First BanCorp. Announces Dividend

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new stake in First BanCorp. during the third quarter worth $66,000. Geode Capital Management LLC lifted its position in shares of First BanCorp. by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank’s stock worth $92,879,000 after buying an additional 112,432 shares during the last quarter. Barclays PLC lifted its position in shares of First BanCorp. by 106.1% during the 3rd quarter. Barclays PLC now owns 367,445 shares of the bank’s stock worth $7,779,000 after buying an additional 189,148 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in First BanCorp. in the third quarter valued at about $2,607,000. Finally, Virtus Investment Advisers Inc. bought a new position in First BanCorp. in the third quarter valued at about $445,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

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

About First BanCorp.

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.