On August 26, 2024, Michael McDonald, Executive Vice President of First BanCorp (NYSE:FBP), executed a sale of 7,612 shares of the company. The transaction was filed on the same day with the SEC. Following this sale, the insider now directly owns 89,420 shares of First BanCorp.

• Warning! GuruFocus has detected 10 Warning Signs with VTR.

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, Michael McDonald has sold a total of 77,461 shares and has not made any purchases of the company's stock. This recent transaction is part of a broader trend observed within First BanCorp, where there have been 15 insider sales and no insider buys over the past year.

Shares of First BanCorp were trading at $21.65 on the day of the sale, giving the company a market cap of approximately $3.51 billion. The price-earnings ratio of the stock stands at 11.77, which is above both the industry median of 10.22 and the company's historical median.

The stock's current price relative to the GF Value of $17.59 suggests that First BanCorp is modestly overvalued, with a price-to-GF-Value ratio of 1.23. 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 insider sale might interest investors tracking insider behaviors as an indicator of the company's future performance and valuation alignment.

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.

This article first appeared on GuruFocus.