Short Interest in First BanCorp. (NYSE:FBP) Increases By 19.7%

First BanCorp. (NYSE:FBP) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,670,000 shares, an increase of 19.7% from the February 28th total of 3,900,000 shares. Based on an average daily volume of 1,180,000 shares, the days-to-cover ratio is currently 4.0 days. Currently, 2.9% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several research firms have commented on FBP. Wells Fargo & Company reduced their price objective on First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their price target on First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Two investment 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $22.40.

First BanCorp. Stock Performance

Shares of FBP stock traded down $1.21 during trading hours on Thursday, reaching $18.15. 805,423 shares of the company’s stock were exchanged, compared to its average volume of 1,030,005. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The company’s 50 day moving average is $19.57 and its two-hundred day moving average is $19.87. The company has a market cap of $2.97 billion, a P/E ratio of 10.03, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. First BanCorp. has a 1 year low of $15.65 and a 1 year high of $22.40.

First BanCorp. (NYSE:FBP) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. First BanCorp. had a return on equity of 18.89% and a net margin of 24.37%. During the same period in the previous year, the business earned $0.46 earnings per share. Equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current fiscal year.

First BanCorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were paid a $0.18 dividend. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 3.97%. First BanCorp.’s dividend payout ratio (DPR) is 39.78%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.75, for a total value of $214,160.75. Following the transaction, the executive vice president now directly owns 176,222 shares in the company, valued at approximately $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in First BanCorp. during the fourth quarter worth $28,000. Picton Mahoney Asset Management grew its holdings in First BanCorp. by 48.2% in the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock valued at $29,000 after purchasing an additional 514 shares during the last quarter. Blue Trust Inc. increased its position in shares of First BanCorp. by 31.9% in the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock valued at $42,000 after buying an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of First BanCorp. during the 3rd quarter worth $66,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of First BanCorp. by 394.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock worth $70,000 after buying an additional 3,032 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.