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

First BanCorp. (NYSE:FBP) was the target 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. Currently, 3.4% of the shares of the stock are short sold. Based on an average daily volume of 1,000,000 shares, the short-interest ratio is presently 5.4 days.

Wall Street Analysts Forecast Growth

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

First BanCorp. Trading Down 0.7 %

Shares of FBP traded down $0.14 during midday trading on Monday, hitting $18.55. 532,860 shares of the stock were exchanged, compared to its average volume of 1,038,994. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $3.04 billion, a P/E ratio of 10.25, a P/E/G ratio of 1.82 and a beta of 1.12. First BanCorp. has a 52-week low of $15.15 and a 52-week high of $22.40. The stock has a fifty day simple moving average of $20.10 and a 200 day simple moving average of $20.07.

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

First BanCorp. Announces Dividend

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

Insider Activity

In other First BanCorp. news, EVP Nayda Rivera sold 25,000 shares of First BanCorp. stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $21.19, for a total transaction of $529,750.00. Following the transaction, the executive vice president now directly owns 236,490 shares of the company’s stock, valued at $5,011,223.10. The trade was a 9.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors and hedge funds have recently made changes to their positions in FBP. Gladius Capital Management LP acquired a new position in shares of First BanCorp. during the third quarter worth $25,000. Blue Trust Inc. boosted its position in shares of First BanCorp. by 5,054.5% during the 3rd quarter. Blue Trust Inc. now owns 1,701 shares of the bank’s stock worth $36,000 after acquiring an additional 1,668 shares in the last quarter. CWM LLC increased its stake in First BanCorp. by 222.6% in the third quarter. CWM LLC now owns 2,829 shares of the bank’s stock valued at $60,000 after purchasing an additional 1,952 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of First BanCorp. in the 3rd quarter valued at $66,000. Finally, USA Financial Formulas increased its position in shares of First BanCorp. by 166.7% during the third quarter. USA Financial Formulas now owns 3,574 shares of the bank’s stock worth $76,000 after purchasing an additional 2,234 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.