First BanCorp. (NYSE:FBP) Short Interest Up 19.7% in March

First BanCorp. (NYSE:FBP) was the target of a large growth in short interest in the month of 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 trading volume of 1,180,000 shares, the short-interest ratio is currently 4.0 days. Currently, 2.9% of the company’s shares are short sold.

Insider Activity

In other First BanCorp. news, EVP Carlos Power sold 10,321 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,656,606.50. The trade was a 5.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On First BanCorp.

Several institutional investors have recently modified their holdings of the company. Picton Mahoney Asset Management lifted 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 worth $29,000 after buying an additional 514 shares during the last quarter. Blue Trust Inc. lifted its stake in First BanCorp. by 31.9% during the fourth quarter. Blue Trust Inc. now owns 2,243 shares of the bank’s stock worth $42,000 after purchasing an additional 542 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in First BanCorp. by 17.3% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 3,681 shares of the bank’s stock valued at $68,000 after purchasing an additional 544 shares in the last quarter. Quantinno Capital Management LP increased its stake in First BanCorp. by 6.1% in the fourth quarter. Quantinno Capital Management LP now owns 12,637 shares of the bank’s stock valued at $235,000 after purchasing an additional 730 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in First BanCorp. by 5.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 16,935 shares of the bank’s stock worth $315,000 after purchasing an additional 815 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

First BanCorp. Stock Up 1.0 %

NYSE:FBP traded up $0.19 during midday trading on Wednesday, reaching $19.38. The company had a trading volume of 921,418 shares, compared to its average volume of 1,030,737. First BanCorp. has a 12-month low of $10.10 and a 12-month high of $22.40. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 1.34 and a beta of 1.12. 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’s fifty day simple moving average is $19.57 and its 200-day simple moving average is $19.87.

First BanCorp. (NYSE:FBP) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.46 earnings per share (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 firm posted $0.46 earnings per share. On average, sell-side analysts anticipate that First BanCorp. will post 1.85 earnings per share for the current fiscal year.

First BanCorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 21st were given a $0.18 dividend. The ex-dividend date was Friday, February 21st. This is an increase from First BanCorp.’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.72%. First BanCorp.’s dividend payout ratio is currently 39.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented 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 for the company in a report on Monday, January 6th. Keefe, Bruyette & Woods increased their price target on shares of First BanCorp. from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.