Form 4: First BanCorp Executive Sells Shares to Cover Taxes on Vested Stock
SEC Form 4 Filing
Juan Carlos Pavia, EVP and Chief Credit Officer of First BanCorp, sold shares to cover taxes related to vested restricted stock.
Summary
- On March 16, 2025, Juan Carlos Pavia, EVP and Chief Credit Officer of First BanCorp, disposed of 2,031 shares of First BanCorp common stock at a price of $18.26 per share.
- This transaction was to cover taxes related to restricted stock that vested on the same date, March 16, 2025, pursuant to a long-term incentive award made on March 16, 2023.
- Following the transaction, Pavia directly owns 64,264 shares of First BanCorp common stock.
Sentiment
Score: 5
Explanation: Neutral sentiment as the transaction is a routine sale of shares to cover tax obligations.
Industry Context
Executive stock sales are a common occurrence, often related to tax obligations arising from vesting equity awards. The sale itself doesn't necessarily indicate a negative outlook on the company's future, but it's something investors often monitor.
Key Dates
| Date | Description |
|---|---|
| 03/16/2023 | Date of long-term incentive award. |
| 03/16/2025 | Date of transaction and vesting of restricted stock. |
| 03/18/2025 | Date of signature on the Form 4 filing. |
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