OFG Bancorp (NYSE:OFG) Sees Large Decline in Short Interest
by Scott Moore · The Cerbat GemOFG Bancorp (NYSE:OFG – Get Free Report) saw a significant decline in short interest in December. As of December 15th, there was short interest totaling 667,126 shares, a decline of 22.8% from the November 30th total of 863,599 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily volume of 213,057 shares, the days-to-cover ratio is presently 3.1 days. Based on an average daily volume of 213,057 shares, the days-to-cover ratio is presently 3.1 days. Approximately 1.6% of the shares of the stock are short sold.
Insider Transactions at OFG Bancorp
In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the sale, the director owned 22,690 shares of the company’s stock, valued at approximately $960,013.90. This represents a 8.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the sale, the insider owned 351 shares in the company, valued at approximately $14,801.67. This trade represents a 94.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 over the last ninety days. 3.11% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On OFG Bancorp
Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP bought a new stake in OFG Bancorp in the third quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of OFG Bancorp in the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC increased its holdings in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at approximately $97,000. Finally, Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at approximately $162,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.
OFG Bancorp Trading Down 0.6%
NYSE:OFG traded down $0.26 on Thursday, hitting $40.90. 237,572 shares of the stock were exchanged, compared to its average volume of 241,430. The stock has a market cap of $1.80 billion, a PE ratio of 9.30 and a beta of 0.79. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average of $40.54 and a 200-day moving average of $42.36. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11.
OFG Bancorp (NYSE:OFG – Get Free Report) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The company’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 EPS. As a group, equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.
OFG Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. OFG Bancorp’s dividend payout ratio is presently 27.27%.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on OFG. Keefe, Bruyette & Woods cut their price target on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday. Truist Financial reduced their target price on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Zacks Research cut OFG Bancorp from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 16th. Finally, UBS Group set a $50.00 price objective on shares of OFG Bancorp in a research note on Thursday, October 9th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.17.
View Our Latest Report on OFG Bancorp
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.