Short Interest in First BanCorp. (NYSE:FBP) Grows By 20.8%

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FBP. Hovde Group upped their target price on 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 raised their price target on First BanCorp. from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First BanCorp. in a research note on Thursday, January 22nd. Wells Fargo & Company upped their price objective on shares of First BanCorp. from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Piper Sandler reiterated a “neutral” rating and set a $24.00 price objective (up from $23.00) on shares of First BanCorp. in a research note on Friday, January 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average target price of $24.75.

First BanCorp. Price Performance

Shares of First BanCorp. stock traded up $0.34 during trading on Wednesday, reaching $21.70. 334,001 shares of the company’s stock were exchanged, compared to its average volume of 1,427,588. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. First BanCorp. has a 1-year low of $16.40 and a 1-year high of $23.43. The company has a market cap of $3.38 billion, a P/E ratio of 10.09, a PEG ratio of 1.30 and a beta of 0.87. The firm’s 50-day moving average price is $21.63 and its 200 day moving average price is $21.14.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. First BanCorp. had a return on equity of 17.33% and a net margin of 27.48%.The business had revenue of $257.17 million for the quarter, compared to analyst estimates of $256.18 million. During the same period last year, the firm posted $0.46 earnings per share. As a group, research analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

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

Insider Activity at First BanCorp.

In related news, Director Roberto R. Herencia sold 4,723 shares of the business’s stock in a transaction that occurred on 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. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael Mcdonald sold 34,122 shares of the stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $22.11, for a total value of $754,437.42. Following the sale, the executive vice president directly owned 62,937 shares in the company, valued at $1,391,537.07. This represents a 35.16% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

A number of institutional investors have recently added to or reduced their stakes in FBP. Royal Bank of Canada grew its stake in shares of First BanCorp. by 24.4% during the first quarter. Royal Bank of Canada now owns 42,927 shares of the bank’s stock worth $824,000 after buying an additional 8,419 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of First BanCorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 96,368 shares of the bank’s stock valued at $1,847,000 after acquiring an additional 4,236 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of First BanCorp. by 328.8% during the 1st quarter. Jones Financial Companies Lllp now owns 2,950 shares of the bank’s stock valued at $57,000 after acquiring an additional 2,262 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in First BanCorp. by 6.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 516,986 shares of the bank’s stock worth $9,911,000 after acquiring an additional 29,631 shares during the last quarter. Finally, Jane Street Group LLC grew its position in First BanCorp. by 1,445.7% during the 1st quarter. Jane Street Group LLC now owns 430,329 shares of the bank’s stock worth $8,249,000 after acquiring an additional 402,488 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.