OFG Bancorp (NYSE:OFG) CEO Jose Rafael Fernandez Sells 52,352 Shares of Stock

OFG Bancorp (NYSE:OFG) CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

OFG Bancorp Trading Up 1.4%

Shares of OFG opened at $53.13 on Wednesday. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.30. The firm has a market capitalization of $2.25 billion, a P/E ratio of 10.46 and a beta of 0.70. The firm has a 50-day moving average price of $48.29 and a 200 day moving average price of $44.03. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.32 million for the quarter, compared to the consensus estimate of $182.64 million. During the same period in the previous year, the firm earned $1.15 earnings per share. Sell-side analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

Analyst Ratings Changes

OFG has been the subject of several analyst reports. Zacks Research lowered OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Truist Financial lifted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their price objective on OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, OFG Bancorp currently has a consensus rating of “Hold” and an average price target of $54.00.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds have recently made changes to their positions in OFG. First Trust Advisors LP boosted its stake in shares of OFG Bancorp by 13.8% in the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after purchasing an additional 281,593 shares during the period. Qube Research & Technologies Ltd grew its holdings in shares of OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $4,224,000. Squarepoint Ops LLC increased its stake in OFG Bancorp by 990.9% during the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock worth $4,170,000 after buying an additional 92,419 shares during the period. Finally, Jane Street Group LLC increased its stake in OFG Bancorp by 518.1% during the 2nd quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock worth $4,683,000 after buying an additional 91,723 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high?net?worth individuals and institutional clients.