OFG Bancorp (NYSE:OFG) CFO Maritza Arizmendi Sells 10,000 Shares of Stock

OFG Bancorp (NYSE:OFG) CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

OFG Bancorp Stock Up 0.6%

OFG Bancorp stock opened at $53.88 on Friday. The business has a fifty day moving average of $50.23 and a two-hundred day moving average of $45.10. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.98. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. The business had revenue of $190.28 million during 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 prior year, the firm posted $1.15 earnings per share. On average, analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

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

Institutional Trading of OFG Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in OFG Bancorp in the second quarter valued at $31,000. Quarry LP purchased a new stake in shares of OFG Bancorp during the 3rd quarter worth about $35,000. EverSource Wealth Advisors LLC grew its position in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $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 during the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada increased its stake in shares of 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. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

OFG has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Truist Financial upped their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Benchmark began coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

About OFG Bancorp

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.