First BanCorp. (NYSE:FBP) Short Interest Down 5.8% in June

First BanCorp. (NYSE:FBP) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totalling 3,270,000 shares, a decline of 5.8% from the May 31st total of 3,470,000 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily volume of 920,600 shares, the days-to-cover ratio is presently 3.6 days.

First BanCorp. Trading Down 1.7 %

First BanCorp. stock traded down $0.32 during trading hours on Wednesday, reaching $18.29. 345,313 shares of the company’s stock were exchanged, compared to its average volume of 1,048,880. First BanCorp. has a twelve month low of $12.05 and a twelve month high of $18.63. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The firm’s 50 day simple moving average is $17.76 and its 200 day simple moving average is $17.05. The firm has a market capitalization of $3.04 billion, a PE ratio of 10.45, a PEG ratio of 1.50 and a beta of 1.12.

First BanCorp. (NYSE:FBP) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.06. The firm had revenue of $302.49 million for the quarter, compared to analyst estimates of $229.19 million. First BanCorp. had a return on equity of 21.58% and a net margin of 25.82%. During the same period in the previous year, the firm earned $0.39 earnings per share. Research analysts predict that First BanCorp. will post 1.76 earnings per share for the current year.

First BanCorp. Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Thursday, May 30th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend was Thursday, May 30th. First BanCorp.’s payout ratio is 36.57%.

Insider Activity at First BanCorp.

In other First BanCorp. news, EVP Carlos Power sold 5,277 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $18.01, for a total value of $95,038.77. Following the sale, the executive vice president now owns 255,236 shares of the company’s stock, valued at approximately $4,596,800.36. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Gonzalez Orlando Berges sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.92, for a total transaction of $1,344,000.00. Following the sale, the chief financial officer now owns 277,020 shares of the company’s stock, valued at approximately $4,964,198.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Carlos Power sold 5,277 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $18.01, for a total value of $95,038.77. Following the completion of the transaction, the executive vice president now owns 255,236 shares of the company’s stock, valued at $4,596,800.36. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.

Hedge Funds Weigh In On First BanCorp.

Institutional investors have recently made changes to their positions in the stock. Private Wealth Management Group LLC bought a new stake in First BanCorp. during the 4th quarter valued at $26,000. Neo Ivy Capital Management acquired a new stake in shares of First BanCorp. in the 4th quarter worth about $36,000. Strs Ohio raised its holdings in shares of First BanCorp. by 206.3% in the 4th quarter. Strs Ohio now owns 4,900 shares of the bank’s stock worth $80,000 after acquiring an additional 3,300 shares during the last quarter. SageView Advisory Group LLC acquired a new position in First BanCorp. during the 1st quarter valued at about $110,000. Finally, Headlands Technologies LLC acquired a new position in First BanCorp. during the 4th quarter valued at about $113,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FBP shares. Keefe, Bruyette & Woods raised their target price on First BanCorp. from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Wells Fargo & Company upped their target price on First BanCorp. from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th.

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.