OFG Bancorp (NYSE:OFG) Short Interest Down 17.1% in January

OFG Bancorp (NYSE:OFG) was the recipient of a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 824,167 shares, a decline of 17.1% from the December 31st total of 993,713 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average trading volume of 189,384 shares, the days-to-cover ratio is currently 4.4 days. Based on an average trading volume of 189,384 shares, the days-to-cover ratio is currently 4.4 days. Approximately 1.9% of the shares of the stock are sold short.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider owned 351 shares of the company’s stock, valued at $14,801.67. This trade represents a 94.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in OFG Bancorp during the third quarter worth approximately $35,000. Wealth Enhancement Advisory Services LLC acquired a new stake in OFG Bancorp during the 3rd quarter worth $53,000. EverSource Wealth Advisors LLC lifted its position in OFG Bancorp by 250.0% in the second 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. purchased a new stake in OFG Bancorp in the second quarter valued at $97,000. Finally, Quantbot Technologies LP acquired a new position in OFG Bancorp in the second quarter valued at $162,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Piper Sandler began coverage on OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price target for the company. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Finally, Wells Fargo & Company dropped their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Stock Down 1.1%

Shares of OFG Bancorp stock traded down $0.47 on Wednesday, reaching $40.97. 409,708 shares of the company were exchanged, compared to its average volume of 329,461. The stock’s 50 day moving average price is $40.95 and its 200-day moving average price is $41.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.11. The company has a market cap of $1.80 billion, a P/E ratio of 8.95 and a beta of 0.75.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp declared that its board has approved a share repurchase plan on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 12% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 3.4%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is currently 26.20%.

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.