Jose Rafael Fernandez Sells 52,352 Shares of OFG Bancorp (NYSE:OFG) Stock

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

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $52.28 on Thursday. 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 stock’s fifty day moving average is $48.42 and its two-hundred day moving average is $44.10. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $53.30. The company has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.70.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.22. The business had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the company earned $1.15 earnings per share. As a group, analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Carolina Wealth Advisors LLC purchased a new position in OFG Bancorp in the second quarter valued at about $320,000. Empowered Funds LLC boosted its holdings in shares of OFG Bancorp by 19.9% in the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after buying an additional 35,269 shares in the last quarter. Bank of America Corp DE grew its position in shares of OFG Bancorp by 28.4% in the 1st quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock worth $5,361,000 after buying an additional 29,269 shares during the last quarter. Amundi lifted its position in OFG Bancorp by 140.7% during the first quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after acquiring an additional 9,357 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

OFG has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of OFG Bancorp from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Truist Financial lifted their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Benchmark began coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Finally, Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, OFG Bancorp currently has an average rating of “Hold” and an average price target of $54.00.

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.