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

Key Points

• OFG Bancorp CFO Maritza Arizmendi sold 10,000 shares at an average price of $53.35, generating $533,500 and reducing her direct ownership by 15% to 56,684 shares.
• OFG shares rose 0.6% to $53.88, near their 52-week high of $53.98. The bank’s latest quarterly results exceeded expectations, with EPS of $1.39 versus the $1.17 consensus and revenue of $190.28 million.
• 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 “Moderate Buy” consensus with an average price target of $55.20.

OFG Bancorp (NYSE:OFG - Get Free Report) CFO Maritza Arizmendi sold 10,000 shares of the 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. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

OFG Bancorp Stock Up 0.6%

OFG traded up $0.34 on Friday, reaching $53.88. 250,018 shares of the company traded hands, compared to its average volume of 334,891. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The stock's 50 day moving average price is $50.07 and its 200-day moving average price is $45.03. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $53.98.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its 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. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same quarter in the prior year, the firm earned $1.15 EPS. On average, sell-side analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued 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 is Wednesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is currently 27.56%.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of recent research reports. Truist Financial boosted their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Wells Fargo & Company boosted 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 report on Monday. Finally, Benchmark started coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They set a "hold" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $55.20.

Institutional Trading of OFG Bancorp

Several large investors have recently modified their holdings of OFG. Raffles Associates LP bought a new position in OFG Bancorp in the 2nd quarter worth $5,008,000. Hsbc Holdings PLC acquired a new position in OFG Bancorp during the 2nd quarter worth $380,000. PDT Partners LLC bought a new stake in OFG Bancorp during the second quarter valued at about $593,000. Canada Pension Plan Investment Board acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $329,000. Finally, Legal & General Group Plc acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $4,651,000. 92.73% of the stock is owned by institutional investors.

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.

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