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

First BanCorp. (NYSE:FBP) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 3,090,000 shares, an increase of 23.1% from the September 30th total of 2,510,000 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average daily volume of 986,500 shares, the short-interest ratio is presently 3.1 days.

Analysts Set New Price Targets

FBP has been the topic of a number of recent research reports. Wells Fargo & Company cut 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 report on Thursday, October 24th. Raymond James began coverage on First BanCorp. in a report on Tuesday, July 9th. They set an “outperform” rating and a $21.00 target price on the stock. Piper Sandler decreased their price target on 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 cut their price objective on 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

First BanCorp. Trading Up 0.4 %

FBP traded up $0.08 during trading on Wednesday, reaching $19.43. 639,960 shares of the stock traded hands, compared to its average volume of 1,036,441. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average is $20.56 and its 200 day moving average is $19.26. First BanCorp. has a 12 month low of $13.18 and a 12 month high of $22.12. The stock has a market capitalization of $3.23 billion, a PE ratio of 11.06, a P/E/G ratio of 1.74 and a beta of 1.10.

First BanCorp. (NYSE:FBP) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $234.57 million for the quarter, compared to analyst estimates of $238.51 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 EPS. Equities analysts anticipate that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.29%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

Insiders Place Their Bets

In other news, EVP Michael Mcdonald sold 1,944 shares of First BanCorp. stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Jupiter Asset Management Ltd. bought a new stake in First BanCorp. in the 1st quarter valued at about $16,719,000. Vanguard Group Inc. increased its holdings in shares of First BanCorp. by 2.0% during the first quarter. Vanguard Group Inc. now owns 22,414,701 shares of the bank’s stock valued at $393,154,000 after acquiring an additional 448,845 shares in the last quarter. LSV Asset Management increased its holdings in shares of First BanCorp. by 22.9% during the second quarter. LSV Asset Management now owns 1,619,842 shares of the bank’s stock valued at $29,627,000 after acquiring an additional 301,443 shares in the last quarter. Panagora Asset Management Inc. raised its position in shares of First BanCorp. by 55.8% during the second quarter. Panagora Asset Management Inc. now owns 656,855 shares of the bank’s stock worth $12,014,000 after purchasing an additional 235,156 shares during the period. Finally, Edgestream Partners L.P. lifted its holdings in shares of First BanCorp. by 44.4% in the 1st quarter. Edgestream Partners L.P. now owns 459,484 shares of the bank’s stock worth $8,059,000 after purchasing an additional 141,261 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.