In a recent transaction on May 1, Orlando Berges Gonzalez, the Executive Vice President and Chief Financial Officer of First BanCorp, the holding company for FirstBank Puerto Rico, sold 75,000 shares of the company's common stock. The shares were sold at an average price of $17.9187, with the total transaction amounting to approximately $1.34 million.
The sale took place in multiple transactions at prices that ranged from $17.8792 to $17.9416 per share. Following the sale, Gonzalez still owns 277,020 shares of First BanCorp, which trades under the ticker NYSE:FBP.
This transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the SEC's website. In accordance with the filing, Gonzalez has agreed to provide further details about the number of shares sold at each price point upon request.
Investors and market watchers often pay close attention to insider sales as they can provide insights into an executive’s perspective on the company’s current valuation and future prospects. However, such transactions are not necessarily indicative of a change in company fundamentals, and can be motivated by a variety of factors.
First BanCorp is based in San Juan, Puerto Rico and operates as the bank holding company for FirstBank Puerto Rico. The company offers a range of financial products and services across Puerto Rico, the United States Virgin Islands, and Florida.
InvestingPro Insights
As investors digest the recent insider sale by Orlando Berges Gonzalez, First BanCorp's financial health and market performance remain pivotal factors for consideration. According to InvestingPro data, First BanCorp has a market capitalization of approximately $3 billion USD, with a notably attractive price-to-earnings (P/E) ratio of 10.24. This valuation metric, which has slightly adjusted to 9.94 when looking at the last twelve months as of Q1 2024, suggests that the company is trading at a low P/E ratio relative to near-term earnings growth, an InvestingPro Tip highlighting the potential value for investors.
Moreover, First BanCorp's dividend yield stands at 3.56%, with a dividend growth of 14.29% over the last twelve months as of Q1 2024. This indicates a consistent return to shareholders, reinforced by the InvestingPro Tip that the company has raised its dividend for 6 consecutive years. Additionally, the stock has experienced a significant price uptick, with a six-month total return of 27.02%, and is currently trading near its 52-week high, at 98.64% of this peak value.
For those considering a deeper analysis, there are additional InvestingPro Tips available, including insights on earnings revisions by analysts and the company's profitability projections. To access these insights and more, interested readers can visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, further enriching their investment strategy with a comprehensive suite of tools and data.
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