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

First BanCorp. (NYSE:FBP) was the recipient of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 4,670,000 shares, a growth 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. Approximately 2.9% of the company’s shares are sold short.

Insider Activity at First BanCorp.

In related news, EVP Carlos Power sold 10,321 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.75, for a total transaction of $214,160.75. Following the completion of the sale, the executive vice president now directly owns 176,222 shares of the company’s stock, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. R Squared Ltd purchased a new stake in First BanCorp. in the fourth quarter valued at $28,000. Picton Mahoney Asset Management increased its position in shares of First BanCorp. by 48.2% during the fourth quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank’s stock worth $29,000 after purchasing an additional 514 shares in the last quarter. Blue Trust Inc. increased its position in shares of First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of First BanCorp. in the 3rd quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank’s stock valued at $70,000 after purchasing an additional 3,032 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Down 6.2 %

Shares of FBP stock traded down $1.21 on Thursday, reaching $18.15. 805,423 shares of the stock were exchanged, compared to its average volume of 1,030,005. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 1.34 and a beta of 1.12. The business’s 50 day moving average price is $19.57 and its 200 day moving average price is $19.87. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. First BanCorp. has a twelve month low of $15.65 and a twelve month 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 quarter in the previous year, the company posted $0.46 earnings per share. As a group, sell-side analysts expect 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 7th. Stockholders of record on Friday, February 21st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. First BanCorp.’s payout ratio is currently 39.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company reduced their target price on shares of First BanCorp. from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, First BanCorp. currently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

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.