First BanCorp. (NYSE:FBP) Short Interest Update

First BanCorp. (NYSE:FBP) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 9,658,277 shares, a growth of 20.8% from the February 26th total of 7,997,595 shares. Based on an average daily trading volume, of 1,868,665 shares, the short-interest ratio is presently 5.2 days. Approximately 6.3% of the shares of the company are sold short.

Insider Activity

In related news, Director Roberto R. Herencia sold 4,723 shares of First BanCorp. stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $22.63, for a total value of $106,881.49. Following the completion of the sale, the director directly owned 637,019 shares in the company, valued at approximately $14,415,739.97. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Mcdonald sold 34,122 shares of the business’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the completion of the transaction, the executive vice president directly owned 62,937 shares of the company’s stock, valued at approximately $1,391,537.07. This trade represents a 35.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in First BanCorp. during the fourth quarter valued at about $42,138,000. Boston Partners raised its stake in shares of First BanCorp. by 767.8% in the third quarter. Boston Partners now owns 1,262,241 shares of the bank’s stock worth $27,832,000 after buying an additional 1,116,791 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of First BanCorp. by 82.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank’s stock valued at $29,878,000 after buying an additional 649,987 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of First BanCorp. by 31.6% during the 3rd quarter. Verition Fund Management LLC now owns 2,284,146 shares of the bank’s stock valued at $50,365,000 after buying an additional 548,164 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of First BanCorp. by 176.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 821,918 shares of the bank’s stock valued at $18,123,000 after acquiring an additional 524,256 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

First BanCorp. Stock Performance

Shares of FBP traded up $0.52 on Tuesday, reaching $21.37. The company’s stock had a trading volume of 1,393,996 shares, compared to its average volume of 1,445,859. The stock’s 50 day simple moving average is $21.63 and its two-hundred day simple moving average is $21.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $3.33 billion, a P/E ratio of 9.94, a PEG ratio of 1.30 and a beta of 0.87. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $23.43.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, January 27th. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. First BanCorp. had a net margin of 27.48% and a return on equity of 17.33%. The business had revenue of $257.17 million during the quarter, compared to analysts’ expectations of $256.18 million. During the same period in the prior year, the company earned $0.46 earnings per share. Research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Thursday, February 26th were paid a $0.20 dividend. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, February 26th. This represents a $0.80 annualized dividend and a dividend yield of 3.7%. First BanCorp.’s dividend payout ratio (DPR) is currently 37.21%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FBP shares. Hovde Group increased their price objective on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Truist Financial boosted their target price on shares of First BanCorp. from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Keefe, Bruyette & Woods increased their price target on First BanCorp. from $24.00 to $24.50 and gave the company a “market perform” rating in a report on Wednesday, January 28th. Wells Fargo & Company raised their price target on First BanCorp. from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a report on Friday, January 30th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, First BanCorp. presently has a consensus rating of “Moderate Buy” and an average target price of $24.75.

About First BanCorp.

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.