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

First BanCorp. (NYSE:FBP) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 2,470,000 shares, an increase of 13.8% from the March 31st total of 2,170,000 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is currently 2.1 days.

First BanCorp. Price Performance

Shares of FBP traded up $0.23 during trading hours on Monday, hitting $17.47. 920,843 shares of the company were exchanged, compared to its average volume of 1,121,015. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76. The company has a market capitalization of $2.96 billion, a PE ratio of 9.98, a PEG ratio of 1.54 and a beta of 1.16. The firm has a fifty day simple moving average of $16.96 and a 200-day simple moving average of $16.03. First BanCorp. has a one year low of $10.18 and a one year high of $17.74.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. The firm had revenue of $302.49 million for the quarter, compared to analysts’ expectations of $229.19 million. During the same quarter last year, the business posted $0.39 EPS. As a group, sell-side analysts predict that First BanCorp. will post 1.69 earnings per share for the current year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 30th will be given a $0.16 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.66%. First BanCorp.’s dividend payout ratio (DPR) is presently 36.57%.

Analyst Ratings Changes

Several brokerages recently weighed in on FBP. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th.

Insider Buying and Selling

In other First BanCorp. news, EVP Michael Mcdonald sold 57,600 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total transaction of $998,784.00. Following the transaction, the executive vice president now owns 98,501 shares of the company’s stock, valued at approximately $1,708,007.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other First BanCorp. news, CEO Aurelio Aleman sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $858,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,126,325 shares in the company, valued at $19,339,000.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Mcdonald sold 57,600 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $17.34, for a total value of $998,784.00. Following the transaction, the executive vice president now directly owns 98,501 shares of the company’s stock, valued at $1,708,007.34. The disclosure for this sale can be found here. Insiders sold 132,600 shares of company stock valued at $2,278,784 over the last 90 days. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of First BanCorp. by 4.3% in the 3rd quarter. FMR LLC now owns 12,288,893 shares of the bank’s stock valued at $165,408,000 after purchasing an additional 505,003 shares during the period. Dimensional Fund Advisors LP increased its stake in First BanCorp. by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,096,761 shares of the bank’s stock valued at $166,095,000 after buying an additional 65,021 shares during the period. Frontier Capital Management Co. LLC lifted its position in First BanCorp. by 3.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 3,150,506 shares of the bank’s stock worth $51,826,000 after buying an additional 116,642 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of First BanCorp. by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,084,199 shares of the bank’s stock valued at $28,053,000 after buying an additional 52,384 shares during the period. Finally, Norges Bank acquired a new stake in shares of First BanCorp. during the 4th quarter valued at $32,590,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.