OFG Bancorp (NYSE:OFG) Short Interest Up 18.4% in May

OFG Bancorp (NYSE:OFG - Get Free Report) saw a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 1,040,000 shares, a growth of 18.4% from the April 30th total of 878,400 shares. Based on an average daily volume of 394,700 shares, the short-interest ratio is presently 2.6 days. Approximately 2.4% of the shares of the company are short sold.

OFG Bancorp Stock Performance

OFG traded up $0.55 during trading hours on Friday, hitting $41.65. The company's stock had a trading volume of 68,865 shares, compared to its average volume of 308,995. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The company has a 50-day simple moving average of $39.26 and a 200 day simple moving average of $41.48. The firm has a market capitalization of $1.87 billion, a PE ratio of 9.87 and a beta of 0.75.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.02). The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter in the prior year, the firm earned $1.05 earnings per share. As a group, sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.88%. OFG Bancorp's dividend payout ratio (DPR) is 28.78%.

Insiders Place Their Bets

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer now directly owns 63,470 shares in the company, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.11% of the stock is owned by corporate insiders.

Institutional Trading of OFG Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its stake in shares of OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank's stock valued at $44,000 after acquiring an additional 680 shares during the period. Meeder Asset Management Inc. bought a new position in OFG Bancorp during the 4th quarter valued at $44,000. Blue Trust Inc. increased its position in shares of OFG Bancorp by 84.8% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the bank's stock valued at $93,000 after purchasing an additional 946 shares during the period. Vestcor Inc bought a new stake in shares of OFG Bancorp in the 4th quarter worth $107,000. Finally, Quarry LP lifted its holdings in shares of OFG Bancorp by 458.9% in the first quarter. Quarry LP now owns 2,666 shares of the bank's stock valued at $107,000 after buying an additional 2,189 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of analyst reports. Hovde Group reduced their price objective on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Piper Sandler reduced their price target on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company lowered shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.