OFG Bancorp (NYSE:OFG) Stock Price Down 4.1% - Here's Why

Key Points

• OFG Bancorp shares fell 4.1% to about $50.79 in mid-day trading, with volume down 90% from the average session. The stock’s consensus analyst rating is “Hold,” with an average price target of $56.50.
• The bank’s latest quarterly results were mixed: EPS of $1.33 beat estimates of $1.23, while revenue of $186.21 million came in slightly below the $187.11 million consensus.
• Insiders sold 66,352 shares worth approximately $3.49 million over the past quarter, while institutional investors own 92.73% of the company.

OFG Bancorp (NYSE:OFG - Get Free Report)'s share price was down 4.1% on Wednesday. The stock traded as low as $50.71 and last traded at $50.7930. Approximately 32,202 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 317,434 shares. The stock had previously closed at $52.95.

Wall Street Analyst Weigh In

OFG has been the topic of several analyst reports. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Truist Financial increased their price objective on OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating 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 stock an "equal weight" rating in a research report on Monday, August 10th. Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a research note on Tuesday, October 6th. Finally, Zacks Research downgraded OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, OFG Bancorp has a consensus rating of "Hold" and an average target price of $56.50.

OFG Bancorp Trading Down 3.6%

The company has a market cap of $2.16 billion, a PE ratio of 10.05 and a beta of 0.73. The company's 50 day simple moving average is $52.04 and its two-hundred day simple moving average is $48.96. 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 (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The bank reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.10. The business had revenue of $186.21 million for the quarter, compared to the consensus estimate of $187.11 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. As a group, sell-side analysts anticipate that OFG Bancorp will post 5.05 EPS for the current fiscal year.

Insider Buying and Selling at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 10,000 shares of the company's stock in a transaction 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 sale, the chief financial officer owned 56,684 shares of the company's stock, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Néstor de Jesús sold 4,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value 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. The trade was a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 66,352 shares of company stock valued at $3,491,362 over the last quarter. 1.23% of the stock is owned by company insiders.

Institutional Trading of OFG Bancorp

A number of large investors have recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth about $1,388,000. Bank of America Corp DE acquired a new position in OFG Bancorp in the second quarter valued at approximately $6,129,000. Public Employees Retirement System of Ohio acquired a new position in OFG Bancorp in the second quarter valued at approximately $1,439,000. Legal & General Group Plc acquired a new position in OFG Bancorp in the second quarter valued at approximately $4,651,000. Finally, Deutsche Bank AG purchased a new position in OFG Bancorp in the second quarter valued at approximately $20,652,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank's Puerto Rico operations in 2019.

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