First BanCorp. (NYSE:FBP) Short Interest Up 55.2% in August

Key Points

• First BanCorp. experienced a substantial increase in short interest in August, rising by 55.2% to a total of 3,710,000 shares.
• The company reported quarterly earnings of $0.50 EPS, exceeding analysts' expectations, but its revenue fell short of estimates at $246.81 million.
• First BanCorp. declared a quarterly dividend of $0.18 per share, representing a 3.3% yield, with the payment scheduled for September 12th.

First BanCorp. (NYSE:FBP - Get Free Report) saw a large growth in short interest in August. As of August 15th, there was short interest totaling 3,710,000 shares, agrowthof55.2% from the July 31st total of 2,390,000 shares. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is currently 3.2 days. Approximately2.4% of the company's shares are short sold. Approximately2.4% of the company's shares are short sold. Based on an average daily volume of 1,150,000 shares, the short-interest ratio is currently 3.2 days.

First BanCorp. Trading Down 1.3%

FBP traded down $0.29 during trading on Friday, hitting $22.05. 728,392 shares of the stock traded hands, compared to its average volume of 936,851. The firm has a market capitalization of $3.54 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.37 and a beta of 0.97. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $21.51 and a 200 day moving average of $20.09. First BanCorp. has a 12-month low of $16.40 and a 12-month high of $22.60.

First BanCorp. (NYSE:FBP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. First BanCorp. had a net margin of 24.71% and a return on equity of 17.54%. The business had revenue of $246.81 million during the quarter, compared to analyst estimates of $250.73 million. During the same period in the prior year, the business earned $0.46 EPS. Equities research analysts anticipate that First BanCorp. will post 1.85 EPS for the current year.

First BanCorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 28th. This represents a $0.72 annualized dividend and a yield of 3.3%. First BanCorp.'s dividend payout ratio is 38.30%.

Insider Activity

In other news, CEO Aurelio Aleman sold 50,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.30, for a total value of $1,115,000.00. Following the completion of the sale, the chief executive officer owned 1,059,547 shares of the company's stock, valued at approximately $23,627,898.10. This represents a 4.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FBP. Norges Bank bought a new position in First BanCorp. in the 2nd quarter worth $41,404,000. Wellington Management Group LLP bought a new position in First BanCorp. in the 1st quarter worth $28,344,000. Nuveen LLC bought a new position in First BanCorp. in the 1st quarter worth $15,963,000. Millennium Management LLC raised its holdings in First BanCorp. by 381.9% in the 4th quarter. Millennium Management LLC now owns 948,153 shares of the bank's stock worth $17,626,000 after purchasing an additional 751,413 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in First BanCorp. by 82.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,434,382 shares of the bank's stock worth $29,878,000 after purchasing an additional 649,987 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company upped their price objective on shares of First BanCorp. from $22.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, First BanCorp. currently has an average rating of "Moderate Buy" and an average price target of $24.00.

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.

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