First BanCorp. (NYSE:FBP) Sees Significant Decrease in Short Interest

by · The Cerbat Gem

First BanCorp. (NYSE:FBP – Get Free Report) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 2,510,000 shares, a decline of 5.6% from the September 15th total of 2,660,000 shares. Approximately 1.6% of the company’s stock are short sold. Based on an average daily volume of 1,050,000 shares, the days-to-cover ratio is currently 2.4 days.

Insiders Place Their Bets

In related news, EVP Michael Mcdonald sold 1,944 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the transaction, the executive vice president now directly owns 87,476 shares of the company’s stock, valued at $1,881,608.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO Donald Kafka sold 50,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $21.81, for a total value of $1,090,500.00. Following the completion of the transaction, the chief operating officer now owns 174,589 shares of the company’s stock, valued at $3,807,786.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael Mcdonald sold 1,944 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.51, for a total transaction of $41,815.44. Following the sale, the executive vice president now directly owns 87,476 shares in the company, valued at $1,881,608.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,452 shares of company stock valued at $1,790,066. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC raised its position in First BanCorp. by 69.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 77,452 shares of the bank’s stock valued at $1,359,000 after purchasing an additional 31,692 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in First BanCorp. by 239.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 96,145 shares of the bank’s stock valued at $1,686,000 after buying an additional 67,844 shares during the period. Goldman Sachs Group Inc. lifted its position in First BanCorp. by 6.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,860,790 shares of the bank’s stock valued at $30,610,000 after buying an additional 110,797 shares during the last quarter. Wellington Management Group LLP boosted its stake in First BanCorp. by 2,172.9% during the fourth quarter. Wellington Management Group LLP now owns 1,039,557 shares of the bank’s stock worth $17,101,000 after buying an additional 993,819 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of First BanCorp. during the first quarter valued at about $16,719,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FBP has been the topic of a number of research analyst reports. Raymond James began coverage on shares of First BanCorp. in a research note on Tuesday, July 9th. They issued an “outperform” rating and a $21.00 price target on the stock. Piper Sandler started coverage on First BanCorp. in a report on Monday, August 26th. They set a “neutral” rating and a $22.00 target price for the company. Wells Fargo & Company lifted their price target on First BanCorp. from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Hovde Group increased their price objective on First BanCorp. from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, First BanCorp. has an average rating of “Moderate Buy” and an average price target of $22.20.

View Our Latest Research Report on FBP

First BanCorp. Price Performance

NYSE:FBP opened at $21.39 on Wednesday. First BanCorp. has a one year low of $12.72 and a one year high of $22.12. The stock has a market cap of $3.56 billion, a PE ratio of 12.22, a P/E/G ratio of 1.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.76 and a current ratio of 0.77. The stock has a 50 day moving average price of $20.55 and a 200 day moving average price of $19.05.

First BanCorp. (NYSE:FBP – Get Free Report) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. The business had revenue of $304.28 million during the quarter, compared to the consensus estimate of $230.26 million. First BanCorp. had a return on equity of 21.86% and a net margin of 25.91%. During the same period last year, the company earned $0.37 EPS. Equities research analysts expect that First BanCorp. will post 1.76 EPS for the current fiscal year.

First BanCorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 29th were paid a $0.16 dividend. The ex-dividend date was Thursday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.99%. First BanCorp.’s dividend payout ratio (DPR) is 36.57%.

First BanCorp. Company Profile

(Get Free Report)

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.

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