Form 4: First BanCorp Chief Accounting Officer Reports Stock Transactions
SEC Form 4 Filing
Said Ortiz, Chief Accounting Officer of First BanCorp, reports acquisition and disposal of company stock.
Summary
- On March 21, 2024, Said Ortiz acquired 9,891 shares of First BanCorp common stock at a price of $17.35 per share.
- These shares were issued as restricted stock under the First BanCorp Omnibus Incentive Plan and will vest over a three-year period.
- 50% of the shares will vest on March 21, 2026, and the remaining 50% on March 21, 2027.
- On March 24, 2024, 628 shares were withheld at a price of $16.86 to cover taxes related to restricted stock that vested on March 24, 2024, pursuant to a long-term incentive award made on March 24, 2022.
- Following these transactions, Ortiz directly owns 35,896.831 shares of First BanCorp common stock.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, so the sentiment is neither positive nor negative.
Positives
- The acquisition of shares by a company officer can be seen as a positive sign, indicating confidence in the company's future performance.
Industry Context
This filing is a routine disclosure of stock transactions by a company insider, as required by the SEC. It provides transparency into the trading activities of key personnel and their holdings in the company.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider trading activity.
Key Dates
| Date | Description |
|---|---|
| 03/24/2022 | Date of the long-term incentive award. |
| 03/21/2024 | Date of restricted stock acquisition. |
| 03/24/2024 | Date shares withheld for taxes. |
| 03/21/2026 | Date when 50% of restricted shares vest. |
| 03/21/2027 | Date when remaining 50% of restricted shares vest. |
| 03/25/2024 | Date of signature on the Form 4 filing. |
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