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

First BanCorp. (NYSE:FBP - Get Free Report) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 4,070,000 shares, a decline of 20.5% from the January 15th total of 5,120,000 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average trading volume of 1,020,000 shares, the days-to-cover ratio is presently 4.0 days.

First BanCorp. Price Performance

NYSE FBP traded down $0.28 during trading hours on Wednesday, reaching $20.30. The company's stock had a trading volume of 471,769 shares, compared to its average volume of 931,363. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.80 and a current ratio of 0.81. The company's 50-day moving average is $19.62 and its two-hundred day moving average is $20.21. First BanCorp. has a fifty-two week low of $16.24 and a fifty-two week high of $22.40. The stock has a market cap of $3.33 billion, a PE ratio of 11.26, a PEG ratio of 1.36 and a beta of 1.14.

First BanCorp. (NYSE:FBP - Get Free Report) last released 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 net margin of 24.37% and a return on equity of 18.89%. During the same period last year, the firm earned $0.46 EPS. Analysts forecast that First BanCorp. will post 1.85 EPS for the current year.

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First BanCorp. Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.55%. This is a boost from First BanCorp.'s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, February 21st. First BanCorp.'s payout ratio is 35.36%.

Insider Transactions at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 45,797 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $20.77, for a total transaction of $951,203.69. Following the transaction, the executive vice president now owns 186,543 shares in the company, valued at approximately $3,874,498.11. The trade was a 19.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.50% of the company's stock.

Institutional Trading of First BanCorp.

Several institutional investors and hedge funds have recently made changes to their positions in FBP. Martingale Asset Management L P raised its stake in First BanCorp. by 63.3% in the 3rd quarter. Martingale Asset Management L P now owns 89,341 shares of the bank's stock valued at $1,891,000 after purchasing an additional 34,616 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of First BanCorp. in the fourth quarter valued at approximately $4,792,000. Barclays PLC lifted its stake in shares of First BanCorp. by 106.1% during the third quarter. Barclays PLC now owns 367,445 shares of the bank's stock valued at $7,779,000 after buying an additional 189,148 shares during the period. Geode Capital Management LLC boosted its position in First BanCorp. by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,386,606 shares of the bank's stock worth $92,879,000 after acquiring an additional 112,432 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in First BanCorp. in the 4th quarter worth approximately $420,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on FBP. Keefe, Bruyette & Woods upped their price objective on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Piper Sandler cut their price target on shares of First BanCorp. from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Hovde Group decreased their price objective on shares of First BanCorp. from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Finally, Wells Fargo & Company dropped their target price on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, First BanCorp. presently has an average rating of "Moderate Buy" and a consensus target price of $22.40.

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.