SAN JUAN, Puerto Rico—Lopez-Lay Ginoris, Executive Vice President of First Bancorp (NASDAQ:FBNC) (NYSE:FBP), has sold 64,000 shares of the company's common stock. The shares were sold on November 7 at an average price of $21.75, generating approximately $1.39 million. Following this transaction, Ginoris holds 193,407 shares directly.
The sale was executed in multiple transactions within a price range of $21.60 to $21.90 per share. The details of these transactions are available upon request to First Bancorp or the SEC.
In other recent news, First BanCorp reported stable Q3 financial performance, with a net income of $73.7 million or $0.45 per share. Despite challenges such as unexpected commercial prepayments and rising expenses, the bank's core deposits remained steady at $12.7 billion. The loan portfolio saw a moderate increase of $63 million. Piper Sandler adjusted its outlook on First BanCorp shares, reducing the price target to $21.00 from the previous $22.00 while maintaining a Neutral rating. This adjustment came after the company's quarterly earnings, which aligned with Piper Sandler's expectations and surpassed the consensus estimate by $0.04. The firm noted that First BanCorp's core return on assets (ROA) was reported at 1.58% and tangible book value (TBV) rose significantly by 14.6%. Meanwhile, credit trends remained positive, with non-performing loans (NPLs) and non-performing assets (NPAs) showing a decline. In the same quarter, First BanCorp also repurchased $50 million of its junior subordinated debt, reflecting its robust capital ratios.
InvestingPro Insights
First Bancorp's recent stock performance and financial metrics provide additional context to the executive's stock sale. According to InvestingPro data, FBP's stock is trading near its 52-week high, with a price that is 97.05% of its highest point over the past year. This strong performance is reflected in the company's impressive 60.38% total return over the last year.
The bank's financial health appears robust, with a market capitalization of $3.53 billion and a P/E ratio of 11.95, suggesting a relatively attractive valuation compared to earnings. First Bancorp has also demonstrated a commitment to shareholder returns, with an InvestingPro Tip noting that the company has raised its dividend for 7 consecutive years. The current dividend yield stands at 2.95%, which may appeal to income-focused investors.
However, investors should be aware that 5 analysts have revised their earnings downwards for the upcoming period, according to another InvestingPro Tip. This could indicate some caution about the bank's near-term prospects, despite its strong historical performance.
For a more comprehensive analysis, InvestingPro offers 11 additional tips on First Bancorp, providing deeper insights into the company's financial position and market outlook.
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