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

First BanCorp. (NYSE:FBP) was the target of a significant growth in short interest in 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. Approximately 2.9% of the shares of the company are sold short. Based on an average daily volume of 1,180,000 shares, the short-interest ratio is presently 4.0 days.

Insider Transactions at First BanCorp.

In other 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 of the company’s stock, valued at $3,656,606.50. The trade was a 5.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On First BanCorp.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its holdings in shares of First BanCorp. by 104.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 74,250 shares of the bank’s stock worth $1,572,000 after acquiring an additional 37,856 shares during the period. Verition Fund Management LLC purchased a new stake in First BanCorp. during the third quarter worth $257,000. Paloma Partners Management Co acquired a new stake in First BanCorp. in the third quarter valued at $315,000. Centiva Capital LP increased its position in shares of First BanCorp. by 134.5% in the third quarter. Centiva Capital LP now owns 25,417 shares of the bank’s stock valued at $538,000 after buying an additional 14,577 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of First BanCorp. by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,169,168 shares of the bank’s stock worth $24,751,000 after buying an additional 16,432 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

First BanCorp. Stock Performance

NYSE FBP traded up $0.19 during trading hours on Wednesday, hitting $19.38. 921,418 shares of the stock were exchanged, compared to its average volume of 1,030,737. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 10.71, a price-to-earnings-growth ratio of 1.34 and a beta of 1.12. First BanCorp. has a 12-month low of $10.10 and a 12-month high of $22.40. The stock has a 50-day moving average of $19.57 and a 200 day moving average of $19.87.

First BanCorp. (NYSE:FBP) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, beating 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 company posted $0.46 earnings per share. As a group, equities research analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a dividend of $0.18 per share. This is a positive change from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, February 21st. First BanCorp.’s payout ratio is presently 39.78%.

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.