OFG Bancorp (NYSE:OFG) Sees Large Increase in Short Interest

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

OFG Bancorp Stock Performance

Shares of NYSE OFG traded up $0.70 during trading hours on Friday, hitting $41.80. 156,974 shares of the stock were exchanged, compared to its average volume of 310,412. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. The company's 50 day moving average is $39.30 and its 200 day moving average is $41.43. The firm has a market capitalization of $1.88 billion, a P/E ratio of 9.91 and a beta of 0.75. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66.

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

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Monday, June 30th. OFG Bancorp's payout ratio is currently 28.78%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Hovde Group decreased their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Wall Street Zen downgraded shares of OFG Bancorp from a "hold" rating to a "sell" rating in a research report on Friday. Wells Fargo & Company downgraded shares of OFG Bancorp from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $48.00 to $42.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their target price on shares of OFG Bancorp from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Piper Sandler decreased their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, OFG Bancorp presently has a consensus rating of "Hold" and an average target price of $45.50.

Insider Buying and Selling

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

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of OFG Bancorp in the 1st quarter worth about $328,000. Intech Investment Management LLC grew its holdings in shares of OFG Bancorp by 11.4% in the 1st quarter. Intech Investment Management LLC now owns 206,832 shares of the bank's stock worth $8,277,000 after purchasing an additional 21,087 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of OFG Bancorp by 25.6% in the 1st quarter. Empowered Funds LLC now owns 135,629 shares of the bank's stock worth $5,428,000 after purchasing an additional 27,644 shares during the last quarter. PharVision Advisers LLC bought a new stake in shares of OFG Bancorp in the 1st quarter worth about $335,000. Finally, Millennium Management LLC grew its holdings in shares of OFG Bancorp by 73.1% in the 1st quarter. Millennium Management LLC now owns 534,039 shares of the bank's stock worth $21,372,000 after purchasing an additional 225,472 shares during the last quarter. Institutional investors own 92.73% of the company's stock.

OFG Bancorp Company Profile

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.