Investors following First BanCorp (NYSE:FBP) might be interested to learn that EVP Michael McDonald has recently sold shares in the company. On August 26, 2024, McDonald parted with a total of 7,612 shares at an average price of $21.65, netting a total of $164,799 from the sale.
This transaction took place in multiple parts, with shares being sold at prices ranging from $21.55 to $21.68. Following the sale, McDonald still retains a substantial stake in the company, with 89,420 shares of First BanCorp common stock remaining under his direct ownership.
For those looking to glean more specifics about the transaction, McDonald has committed to providing further details regarding the exact number of shares sold at each price point within the stated range upon request.
First BanCorp, a prominent player in the state commercial banks sector, has its shares publicly traded and is incorporated in Puerto Rico. The sale by a high-ranking executive like McDonald may be of interest to current and potential investors as they keep an eye on insider activity within the company.
As per standard procedure, this transaction was publicly disclosed in compliance with SEC regulations, ensuring transparency in the trading activities of company insiders.
In other recent news, First BanCorp, the parent company of First Bank (NASDAQ:FRBA), has reported a strong performance for the second quarter of 2024. The bank's net income reached $76 million, with a return on assets of 1.61%. Total loans saw a rise of 2.4% across all segments, and improvements were noted in the deposit franchise.
A new authorization for capital deployment of up to $250 million was announced, aimed at repurchasing common stock or redeeming loan securities. The company's outlook remains positive, maintaining its guidance for upcoming quarters and expecting growth in the Puerto Rican economy.
While non-performing loans saw a slight uptick, the company's capital ratios remain strong, well above well-capitalized benchmarks. The bank is also investing in technology and facilities to support its core deposit growth, aiming to maintain an efficiency ratio of around 52%.
These recent developments indicate a steady growth trajectory for First BanCorp, with the company focusing on preserving shareholder value and capitalizing on opportunities in the Puerto Rican market.
InvestingPro Insights
Investors considering the implications of EVP Michael McDonald's (NYSE:MCD) recent sale of First BanCorp (NYSE:FBP) shares can find additional context through InvestingPro Insights. The sale occurred near the company's 52-week high, with the price per share at the previous close standing at $21.15, which is 96.88% of the 52-week high. This aligns with the InvestingPro Tip that First BanCorp has been trading near its 52-week high, indicating that McDonald's sale took place when the stock was performing strongly.
The company's financial health appears robust, with a notable P/E ratio of 11.66 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 11.21. These metrics suggest that the company is trading at a low price relative to near-term earnings growth, which is another InvestingPro Tip highlighting First BanCorp's investment potential. Additionally, the company has raised its dividend for six consecutive years, with the last dividend growth over the past twelve months reaching 14.29%, and a current dividend yield of 3.03%.
For investors looking for further insights and analysis, InvestingPro offers additional tips on First BanCorp's performance and projections, including details on management's share buyback activities, analysts' earnings revisions, and the company's profitability outlook. There are a total of 13 InvestingPro Tips available for First BanCorp, which can be accessed through the dedicated page at https://www.investing.com/pro/FBP. These tips can provide valuable information for both current shareholders and potential investors to make informed decisions about their investment in First BanCorp.
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