First Bancorp (NYSE:FBP) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 3,162,700 shares, a growth of 40.5% from the May 30th total of 2,251,200 shares. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.5% of the company’s shares are short sold.
Several hedge funds have recently made changes to their positions in FBP. Toronto Dominion Bank acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $40,000. Brandywine Oak Private Wealth LLC acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $116,000. First Republic Investment Management Inc. acquired a new stake in shares of First Bancorp during the 1st quarter worth approximately $119,000. Squarepoint Ops LLC acquired a new stake in shares of First Bancorp during the 4th quarter worth approximately $127,000. Finally, Paloma Partners Management Co acquired a new stake in shares of First Bancorp during the 4th quarter worth approximately $148,000. 89.29% of the stock is owned by institutional investors.
A number of analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Farmland Partners from a “hold” rating to a “sell” rating in a research report on Friday. ValuEngine raised shares of Vermillion from a “hold” rating to a “buy” rating in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $10.88.
Shares of FBP stock opened at $11.13 on Friday. The firm has a market cap of $2.41 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 1.55. First Bancorp has a 52 week low of $7.72 and a 52 week high of $11.94. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.45. The stock’s 50 day moving average is $10.34.
First Bancorp (NYSE:FBP) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $162.72 million for the quarter, compared to analyst estimates of $163.50 million. First Bancorp had a return on equity of 7.43% and a net margin of 28.97%. During the same period last year, the business earned $0.15 EPS. As a group, equities analysts expect that First Bancorp will post 0.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 30th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.08%. The ex-dividend date was Wednesday, May 29th. First Bancorp’s dividend payout ratio (DPR) is 19.35%.
About First Bancorp
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Consumer (Retail) Banking, Mortgage Banking, Treasury and Investments, United States Operations, and Virgin Islands Operations.
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