First BanCorp. (NYSE:FBP) Short Interest Down 20.5% in January

First BanCorp. (NYSE:FBP) was the recipient of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,070,000 shares, a drop of 20.5% from the January 15th total of 5,120,000 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is currently 4.0 days.

Insider Buying and Selling at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of First BanCorp. stock in a transaction dated 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 of the company’s stock, valued at $3,656,606.50. This trade represents a 5.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FBP. Norges Bank bought a new position in shares of First BanCorp. during the fourth quarter worth approximately $35,275,000. First Trust Advisors LP increased its holdings in shares of First BanCorp. by 42.8% during the fourth quarter. First Trust Advisors LP now owns 4,871,338 shares of the bank’s stock worth $90,558,000 after purchasing an additional 1,460,789 shares during the period. Intech Investment Management LLC increased its holdings in shares of First BanCorp. by 267.2% during the fourth quarter. Intech Investment Management LLC now owns 705,075 shares of the bank’s stock worth $13,107,000 after purchasing an additional 513,063 shares during the period. State Street Corp increased its stake in First BanCorp. by 3.9% in the third quarter. State Street Corp now owns 9,193,684 shares of the bank’s stock valued at $194,630,000 after acquiring an additional 347,271 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in First BanCorp. in the fourth quarter valued at approximately $4,792,000. 97.91% of the stock is owned by institutional investors.

First BanCorp. Stock Performance

FBP stock traded down $0.07 during mid-day trading on Friday, hitting $20.39. 713,218 shares of the company were exchanged, compared to its average volume of 980,759. The business has a 50 day simple moving average of $19.63 and a 200-day simple moving average of $20.24. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $3.34 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14. First BanCorp. has a 1-year low of $16.24 and a 1-year high of $22.40.

First BanCorp. (NYSE:FBP) last announced its earnings results on Thursday, January 23rd. The bank reported $0.46 EPS for the quarter, topping 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 quarter in the previous year, the firm earned $0.46 EPS. On average, equities analysts forecast that First BanCorp. will post 1.85 earnings per share for the current year.

First BanCorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, February 21st. This is a boost from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 3.53%. First BanCorp.’s dividend payout ratio (DPR) is currently 35.36%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FBP shares. Wells Fargo & Company lowered their target price on 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. 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 report on Friday, January 24th. Hovde Group cut their price objective on First BanCorp. from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Piper Sandler dropped their price target on First BanCorp. from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

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.