SAN JUAN—Daniel Edward Frye, a director at First BanCorp (NYSE:FBP), has sold 7,662 shares of the company's common stock. The shares were sold at an average price of $21.262 each, totaling approximately $162,909. Following this transaction, Frye holds 17,854 shares of First BanCorp. The sale was reported in a filing with the Securities and Exchange Commission, dated November 6, 2024.
In other recent news, First BanCorp reported a stable financial performance in the third quarter, with a net income of $73.7 million or $0.45 per share. In spite of unexpected commercial prepayments and increasing expenses, the bank's core deposits remained steady at $12.7 billion, and the loan portfolio saw a modest increase of $63 million. Piper Sandler revised its price target for First BanCorp from $22.00 to $21.00, while maintaining a Neutral rating. The adjustment followed the bank's quarterly earnings announcement, which surpassed consensus estimates by $0.04 per share. The bank's fully taxable equivalent net interest margin (FTE NIM) expanded by 2 basis points to 4.34%, falling short of the anticipated 12 basis points. Loan balances saw a slight increase of 0.5%, and the bank's core return on assets (ROA) was reported at 1.58%. First BanCorp also repurchased $50 million of its junior subordinated debt, underlining robust capital ratios. These are among the recent developments for First BanCorp.
InvestingPro Insights
In light of Director Daniel Edward Frye's recent stock sale, it's worth examining some key financial metrics and insights about First BanCorp (NYSE:FBP) from InvestingPro.
First BanCorp has demonstrated strong financial performance, with a price-to-earnings (P/E) ratio of 11.62, suggesting the stock may be undervalued compared to its earnings. This valuation is particularly interesting given the company's recent stock performance. InvestingPro data shows that FBP has delivered a significant 53.66% total return over the past year, indicating robust investor confidence.
The company's dividend policy is also noteworthy. An InvestingPro Tip reveals that First BanCorp has raised its dividend for seven consecutive years, with a current dividend yield of 3.06%. This consistent dividend growth may attract income-focused investors and suggests management's confidence in the bank's financial stability.
Another relevant InvestingPro Tip highlights that management has been aggressively buying back shares. This share repurchase activity, combined with Director Frye's recent sale, presents an interesting dynamic in the company's stock movements and insider sentiment.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for First BanCorp, providing a deeper understanding of the company's financial health and market position.
SAN JUAN—Daniel Edward Frye, a director at First BanCorp (NYSE:FBP), has sold 7,662 shares of the company's common stock. The shares were sold at an average price of $21.262 each, totaling approximately $162,909. Following this transaction, Frye holds 17,854 shares of First BanCorp. The sale was reported in a filing with the Securities and Exchange Commission, dated November 6, 2024.
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