On August 16, 2024, Michael McDonald, Executive Vice President of First BanCorp (FBP, Financial), executed a sale of 12,249 shares of the company. According to the SEC Filing, the transaction occurred at an average price of $20.49 per share, totaling approximately $250,902. The insider now owns 97,032 shares of First BanCorp.
First BanCorp, headquartered in San Juan, Puerto Rico, operates as the bank holding company for FirstBank Puerto Rico. It provides a range of financial products and services to retail, commercial, and institutional clients. The company's services include commercial banking, residential mortgage banking, and insurance agency.
Over the past year, Michael McDonald has sold a total of 69,849 shares and has not made any purchases of the company's stock. This recent transaction follows a pattern observed in the insider transaction history for First BanCorp, which shows no insider buys and 14 insider sells over the past year.
Shares of First BanCorp were trading at $20.49 on the day of the sale, giving the company a market cap of approximately $3.41 billion. The price-earnings ratio stands at 11.42, which is above the industry median of 10.035.
The stock's valuation, according to GF Value, is considered modestly overvalued with a price-to-GF-Value ratio of 1.16, based on a GF Value of $17.60. The GF Value is calculated considering historical trading multiples, a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
This sale might interest investors tracking insider behaviors as a measure of confidence in the company's current valuation and future prospects.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
