OFG Bancorp (NYSE:OFG) CEO Sells $2,745,862.40 in Stock

OFG Bancorp (NYSE:OFG) CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $52.55 on Friday. The company’s fifty day simple moving average is $48.57 and its 200-day simple moving average is $44.18. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.22 billion, a PE ratio of 10.34 and a beta of 0.70. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $53.30.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) 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 $190.32 million for the quarter, compared to analyst estimates of $182.64 million. During the same period in the previous year, the business earned $1.15 EPS. Equities research analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp’s payout ratio is currently 27.56%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OFG. Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Zacks Research downgraded OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They set a “hold” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $54.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Unison Advisors LLC raised its position in shares of OFG Bancorp by 0.7% in the first 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 period. Trexquant Investment LP boosted its holdings in shares of OFG Bancorp by 0.4% during the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock worth $4,218,000 after buying an additional 446 shares during the period. Polymer Capital Management US LLC grew its stake in OFG Bancorp by 5.6% in the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after buying an additional 466 shares during the last quarter. California State Teachers Retirement System grew its stake in OFG Bancorp by 1.2% in the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after buying an additional 506 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after acquiring an additional 552 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

About OFG Bancorp

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.