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

First BanCorp. (NYSE:FBP - Get Free Report) was the target of a large 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. Based on an average daily volume of 1,180,000 shares, the days-to-cover ratio is presently 4.0 days. Currently, 2.9% of the shares of the stock are sold short.

First BanCorp. Price Performance

FBP stock traded down $0.36 during mid-day trading on Monday, hitting $16.80. 1,754,796 shares of the stock were exchanged, compared to its average volume of 1,044,007. The business has a fifty day moving average price of $19.36 and a 200 day moving average price of $19.79. First BanCorp. has a 12 month low of $16.25 and a 12 month high of $22.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.81 and a quick ratio of 0.80. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 9.28, a PEG ratio of 1.34 and a beta of 0.90.

First BanCorp. (NYSE:FBP - Get Free Report) last released its earnings results on Thursday, January 23rd. The bank reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates 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 prior year, the business posted $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

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First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 21st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $0.72 annualized dividend and a dividend yield of 4.29%. This is a positive change from First BanCorp.'s previous quarterly dividend of $0.16. First BanCorp.'s dividend payout ratio (DPR) is currently 39.78%.

Analysts Set New Price Targets

FBP has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on First BanCorp. from $25.00 to $26.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Wells Fargo & Company decreased their price objective on shares of First BanCorp. from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday, January 6th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, First BanCorp. presently has an average rating of "Moderate Buy" and a consensus price target of $22.40.

Insiders Place Their Bets

In related news, EVP Carlos Power sold 10,321 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.75, for a total value of $214,160.75. Following the sale, the executive vice president now owns 176,222 shares in the company, valued at approximately $3,656,606.50. This trade represents a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On First BanCorp.

A number of large investors have recently added to or reduced their stakes in the business. R Squared Ltd bought a new position in shares of First BanCorp. during the fourth quarter valued at about $28,000. Picton Mahoney Asset Management boosted its holdings in First BanCorp. by 48.2% during the 4th quarter. Picton Mahoney Asset Management now owns 1,580 shares of the bank's stock valued at $29,000 after acquiring an additional 514 shares during the period. Blue Trust Inc. grew its position in First BanCorp. by 31.9% during the 4th quarter. Blue Trust Inc. now owns 2,243 shares of the bank's stock worth $42,000 after acquiring an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in First BanCorp. during the 3rd quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC increased its stake in First BanCorp. by 394.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,800 shares of the bank's stock worth $70,000 after purchasing an additional 3,032 shares during the period. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.