Insider Selling: OFG Bancorp (NYSE:OFG) Director Sells 4,000 Shares of Stock

OFG Bancorp (NYSE:OFG) Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.34 during mid-day trading on Friday, hitting $53.88. The stock had a trading volume of 250,018 shares, compared to its average volume of 334,891. The firm has a market cap of $2.28 billion, a PE ratio of 10.61 and a beta of 0.69. The company’s 50-day simple moving average is $50.07 and its 200-day simple moving average is $45.03. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.98.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The business had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period in the previous year, the business posted $1.15 earnings per share. Sell-side analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OFG. Allworth Financial LP acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at approximately $31,000. Quarry LP purchased a new stake in shares of OFG Bancorp during the 3rd quarter worth approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $97,000. Finally, Royal Bank of Canada increased its stake in OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,736 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Wells Fargo & Company upped their price objective on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Benchmark assumed coverage on OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating for the company. Finally, Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.20.

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.