Insider Sale: EVP and COO Donald Kafka Sells 50,000 Shares of First BanCorp (FBP)
On July 24, 2024, Donald Kafka, Executive Vice President and Chief Operating Officer of First BanCorp (NYSE:FBP), executed a sale of 50,000 shares of the company. The transaction was filed with the SEC and can be viewed in detail through the SEC Filing. Following this sale, the insider now owns 174,589 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 loans, and consumer finance, among others.
Over the past year, Donald Kafka has sold a total of 115,000 shares and has not made any purchases of the company's stock. This recent transaction is part of a broader trend observed at First BanCorp, where there have been no insider buys but 11 insider sells over the past year.
Shares of First BanCorp were trading at $21.81 on the day of the transaction. The company has a market cap of approximately $3.57 billion. The price-earnings ratio stands at 11.97, which is above the industry median of 10.22.
The stock's valuation according to the GF Value is set at $17.00, indicating that with a current price of $21.81, First BanCorp is considered Modestly Overvalued with a price-to-GF-Value ratio of 1.28.
The GF Value is calculated based on historical trading multiples such as the price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, adjusted for the company's past performance and expected future business outcomes.
This insider sale might be of interest to investors tracking insider behaviors and company valuation metrics to gauge market sentiment and potential future stock movements.
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