Jesus Nestor De Sells 4,000 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the sale, the director owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $53.88 on Friday. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $53.98. The stock’s 50 day moving average is $50.23 and its 200-day moving average is $45.10.

OFG Bancorp (NYSE:OFG) last released its quarterly 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 $190.28 million during the quarter, compared to analysts’ expectations 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 firm posted $1.15 EPS. Equities research analysts expect that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. 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 2.6%. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Allworth Financial LP acquired a new position in OFG Bancorp in the second quarter valued at about $31,000. Quarry LP acquired a new stake in OFG Bancorp during the third quarter worth about $35,000. EverSource Wealth Advisors LLC grew its stake in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp in the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada raised its position in shares of OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after buying an additional 1,736 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OFG. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating for the company. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Truist Financial lifted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, OFG Bancorp presently has an average rating of “Moderate Buy” and an average price target of $55.20.

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.