Short Interest in First BanCorp. (NYSE:FBP) Drops By 5.8%

First BanCorp. (NYSE:FBP) was the recipient of a significant decrease in short interest in June. As of June 15th, there was short interest totalling 3,270,000 shares, a decrease of 5.8% from the May 31st total of 3,470,000 shares. Based on an average daily volume of 920,600 shares, the short-interest ratio is currently 3.6 days. Approximately 2.0% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FBP. Wells Fargo & Company increased their price target 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. Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th.

Insider Buying and Selling

In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The sale was disclosed in a filing with the SEC, which is available at this link. In other First BanCorp. news, CFO Gonzalez Orlando Berges sold 75,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.92, for a total value of $1,344,000.00. Following the completion of the transaction, the chief financial officer now directly owns 277,020 shares of the company’s stock, valued at $4,964,198.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Carlos Power sold 5,277 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total transaction of $95,038.77. Following the completion of the transaction, the executive vice president now directly owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

Institutional Trading of First BanCorp.

Hedge funds have recently bought and sold shares of the company. Private Wealth Management Group LLC acquired a new stake in First BanCorp. during the fourth quarter worth approximately $26,000. Neo Ivy Capital Management purchased a new stake in shares of First BanCorp. during the 4th quarter valued at $36,000. Strs Ohio grew its stake in shares of First BanCorp. by 206.3% during the 4th quarter. Strs Ohio now owns 4,900 shares of the bank’s stock valued at $80,000 after buying an additional 3,300 shares during the period. SageView Advisory Group LLC purchased a new stake in shares of First BanCorp. during the 1st quarter valued at $110,000. Finally, Headlands Technologies LLC purchased a new stake in shares of First BanCorp. during the 4th quarter valued at $113,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

First BanCorp. Stock Down 1.7 %

FBP stock opened at $18.29 on Thursday. First BanCorp. has a 12 month low of $12.05 and a 12 month high of $18.63. The company’s 50 day simple moving average is $17.76 and its 200-day simple moving average is $17.05. The firm has a market capitalization of $3.04 billion, a PE ratio of 10.45, a P/E/G ratio of 1.53 and a beta of 1.12. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.77 and a quick ratio of 0.76.

First BanCorp. (NYSE:FBP) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. First BanCorp. had a net margin of 25.82% and a return on equity of 21.58%. The firm had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. During the same quarter last year, the business earned $0.39 earnings per share. Equities analysts expect that First BanCorp. will post 1.76 earnings per share for the current fiscal year.

First BanCorp. Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Thursday, May 30th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $0.64 dividend on an annualized basis and a yield of 3.50%. First BanCorp.’s dividend payout ratio (DPR) is currently 36.57%.

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.