OFG Bancorp (NYSE:OFG) Director Sells 4,000 Shares

Key Points

• Director Jesus Nestor De sold 4,000 OFG Bancorp shares at an average price of $53, generating $212,000 and reducing his ownership by 16.64% to 20,040 shares.
• OFG shares recently traded near their 52-week high at $53.88, while the bank reported quarterly EPS of $1.39—beating estimates by $0.22—and revenue of $190.28 million.
• The company declared a quarterly dividend of $0.35 per share, equivalent to an annualized yield of about 2.6%; analysts maintain a “Moderate Buy” consensus with an average price target of $55.20.

OFG Bancorp (NYSE:OFG - Get Free Report) Director Jesus Nestor De sold 4,000 shares of the business's stock in a transaction dated 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 sale, the director owned 20,040 shares in the company, valued at approximately $1,062,120. This trade 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 Trading Up 0.6%

Shares of OFG stock traded up $0.34 during trading hours on Friday, hitting $53.88. The company had a trading volume of 250,018 shares, compared to its average volume of 334,891. The company's fifty day moving average is $50.07 and its 200 day 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. The stock has a market capitalization of $2.28 billion, a PE ratio of 10.61 and a beta of 0.69.

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

OFG Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a "hold" rating for the company. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Wells Fargo & Company increased their price objective on OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Truist Financial boosted their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $55.20.

Institutional Investors Weigh In On OFG Bancorp

Large investors have recently modified their holdings of the company. Unison Advisors LLC raised its position in OFG Bancorp by 0.7% in the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank's stock valued at $1,258,000 after purchasing an additional 221 shares during the last quarter. Trexquant Investment LP raised its holdings in shares of OFG Bancorp by 0.4% in the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank's stock valued at $4,218,000 after buying an additional 446 shares during the last quarter. Polymer Capital Management US LLC boosted its stake in shares of OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank's stock worth $358,000 after buying an additional 466 shares during the period. California State Teachers Retirement System boosted its stake in shares of OFG Bancorp by 1.2% during the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank's stock worth $1,838,000 after buying an additional 506 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after buying an additional 552 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

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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