First BanCorp (NYSE:FBP) director Luz Crespo has sold shares in the company, according to a recent Form 4 filing with the Securities and Exchange Commission. The transaction involved the sale of 10,000 shares of First BanCorp common stock at a price of $16.4668 per share, amounting to a total value of $164,668.
The sale took place on March 15, 2024, and following the transaction, Crespo continues to hold 50,055 shares of the bank's stock. The shares are held directly, indicating a personal investment in the company's equity.
First Bancorp (NASDAQ:FBNC), headquartered in San Juan, Puerto Rico, operates as a state commercial bank and provides a range of financial services. The bank's common stock trades under the ticker symbol FBP on the New York Stock Exchange.
Investors often keep an eye on insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. In this case, Crespo's sale might be of interest to current and potential shareholders as they assess their investment in First Bancorp.
The transaction was signed off by Adolfo Sepulveda, Esq., Attorney-in-Fact, on March 19, 2024. It's worth noting that insider sales and purchases can be influenced by a variety of factors and do not necessarily indicate a change in the company's fundamental outlook or performance.
InvestingPro Insights
As market participants digest the news of Director Luz Crespo's stock sale in First BanCorp, it's important to consider the broader financial context provided by InvestingPro metrics. The company's market capitalization stands at $2.76 billion USD, with a P/E ratio of 9.65, reflecting a valuation that may be attractive to value-oriented investors. The adjusted P/E ratio for the last twelve months as of Q4 2023 is slightly lower at 9.21, suggesting a stable earnings outlook.
First BanCorp's revenue for the last twelve months as of Q4 2023 was $863.27 million USD, with a slight decline in revenue growth of -3.07%. Despite this, the bank has demonstrated consistent shareholder returns, with a dividend yield of 3.87% and a notable dividend growth of 33.33% over the same period. Investors may also find comfort in the company's operating income margin of 46.29%, indicating robust profitability.
Among the InvestingPro Tips, two particularly stand out. First, management's aggressive share buybacks signal confidence in the company's value, which could be a positive sign for investors. Second, the fact that First BanCorp has raised its dividend for 6 consecutive years reflects a commitment to returning value to shareholders.
For those looking to delve deeper into First BanCorp's financials and future outlook, InvestingPro offers additional insights. There are currently 11 more InvestingPro Tips available, which could aid in making a well-informed investment decision. Interested readers can explore these tips and make use of the promo code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Finally, investors should note the upcoming earnings date on April 24, 2024, which may provide further clarity on the company's performance and strategic direction.
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