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

Key Points

• CEO Jose Rafael Fernandez sold 52,352 OFG Bancorp shares at an average price of $52.45, generating approximately $2.75 million. The transaction reduced his direct ownership by 25.54% to 152,657 shares.
• OFG Bancorp reported quarterly earnings of $1.39 per share, beating estimates of $1.17, while revenue of $190.32 million also exceeded expectations. Shares recently traded at $53.13, near their 52-week high.
• The company declared a quarterly dividend of $0.35 per share, equivalent to a $1.40 annualized payout and a 2.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.00.

OFG Bancorp (NYSE:OFG - Get Free Report) CEO Jose Rafael Fernandez sold 52,352 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

OFG Bancorp Trading Up 1.4%

Shares of OFG Bancorp stock traded up $0.76 on Tuesday, reaching $53.13. The company had a trading volume of 228,201 shares, compared to its average volume of 345,363. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 10.46 and a beta of 0.70. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86. The firm's 50-day moving average price is $48.11 and its two-hundred day moving average price is $43.94. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $53.30.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the prior year, the firm posted $1.15 EPS. As a group, research analysts predict that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

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

Analyst Ratings Changes

OFG has been the topic of several analyst reports. Benchmark initiated coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a "hold" rating on the stock. Truist Financial raised their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Zacks Research cut OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Finally, Piper Sandler set a $56.00 price target on OFG Bancorp in a report on Wednesday, July 22nd. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, OFG Bancorp presently has an average rating of "Hold" and an average target price of $54.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new stake in OFG Bancorp during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its position in shares of OFG Bancorp by 250.0% during the second 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. purchased a new position in shares of OFG Bancorp during the second quarter worth approximately $97,000. Royal Bank of Canada raised its stake in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of OFG Bancorp in the second quarter valued at approximately $162,000. 92.73% of the stock is currently owned by institutional investors.

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.

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