First Bancorp (NYSE:FBP) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 2,960,000 shares, a growth of 11.3% from the June 30th total of 2,660,000 shares. Currently, 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,660,000 shares, the days-to-cover ratio is presently 1.8 days.

FBP has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday. Citigroup increased their price target on shares of First Bancorp from $6.00 to $7.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Finally, ValuEngine raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 1st.

Shares of FBP traded down $0.11 during mid-day trading on Friday, reaching $5.44. 2,105,053 shares of the company’s stock were exchanged, compared to its average volume of 1,450,293. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.93 and a quick ratio of 0.98. The stock has a market capitalization of $1.19 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 2.59 and a beta of 1.48. The business’s fifty day simple moving average is $5.44 and its 200-day simple moving average is $6.48. First Bancorp has a 52-week low of $3.50 and a 52-week high of $11.10.

First Bancorp (NYSE:FBP) last announced its earnings results on Tuesday, July 28th. The bank reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The business had revenue of $156.10 million for the quarter, compared to analyst estimates of $156.97 million. First Bancorp had a net margin of 13.71% and a return on equity of 4.67%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. Equities research analysts predict that First Bancorp will post 0.41 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank lifted its holdings in shares of First Bancorp by 8.7% during the second quarter. Comerica Bank now owns 230,233 shares of the bank’s stock worth $1,303,000 after purchasing an additional 18,454 shares during the period. UBS Group AG lifted its holdings in shares of First Bancorp by 110.5% during the second quarter. UBS Group AG now owns 247,568 shares of the bank’s stock worth $1,384,000 after purchasing an additional 129,953 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Bancorp by 33.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,132 shares of the bank’s stock valued at $129,000 after acquiring an additional 5,763 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new stake in First Bancorp in the second quarter valued at $328,000. Finally, Strs Ohio lifted its holdings in First Bancorp by 9.5% in the second quarter. Strs Ohio now owns 140,000 shares of the bank’s stock valued at $782,000 after acquiring an additional 12,200 shares during the period. 91.27% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Company Profile

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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