OFG Bancorp (NYSE:OFG) Short Interest Up 38.7% in February

OFG Bancorp (NYSE:OFG) was the recipient of a significant increase in short interest in February. As of February 13th, there was short interest totaling 1,042,959 shares, an increase of 38.7% from the January 29th total of 752,059 shares. Approximately 2.4% of the company’s shares are sold short. Based on an average daily trading volume, of 383,762 shares, the short-interest ratio is presently 2.7 days. Based on an average daily trading volume, of 383,762 shares, the short-interest ratio is presently 2.7 days. Approximately 2.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several research firms have recently commented on OFG. Piper Sandler began coverage on OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price for the company. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Truist Financial dropped their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Finally, Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $45.83.

OFG Bancorp Trading Down 4.2%

Shares of OFG stock opened at $40.09 on Monday. The firm has a market capitalization of $1.73 billion, a PE ratio of 8.75 and a beta of 0.74. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The stock has a fifty day moving average of $41.13 and a two-hundred day moving average of $41.72.

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

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid 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 3.5%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio is 26.20%.

OFG Bancorp declared that its Board of Directors has initiated a share buyback program on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Annette Franqui acquired 1,540 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was bought at an average cost of $42.06 per share, with a total value of $64,772.40. Following the acquisition, the director directly owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director owned 22,690 shares of the company’s stock, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.16% of the stock is owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds have recently modified their holdings of OFG. Royal Bank of Canada increased its stake in OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after buying an additional 552 shares during the period. Versor Investments LP acquired a new position in shares of OFG Bancorp in the second quarter worth about $1,122,000. Smith Shellnut Wilson LLC ADV purchased a new position in shares of OFG Bancorp in the second quarter worth approximately $209,000. Finally, Burney Co. acquired a new stake in shares of OFG Bancorp during the second quarter valued at approximately $10,236,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

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.