Maritza Arizmendi Sells 10,000 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

OFG Bancorp Trading Up 0.6%

Shares of OFG opened at $53.88 on Friday. The company has a market capitalization of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69. OFG Bancorp has a one year low of $35.71 and a one year high of $53.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50-day moving average price of $50.23 and a 200 day moving average price of $45.10.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The firm had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter last year, the firm earned $1.15 EPS. Sell-side analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given 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 presently 27.56%.

Institutional Trading of OFG Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in OFG. Dimensional Fund Advisors LP increased its holdings in shares of OFG Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after acquiring an additional 27,774 shares during the period. Intech Investment Management LLC grew its position in OFG Bancorp by 109.0% in the 4th quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock worth $6,067,000 after purchasing an additional 77,223 shares during the last quarter. Jacobs Asset Management LLC increased its stake in shares of OFG Bancorp by 13.5% in the first quarter. Jacobs Asset Management LLC now owns 90,000 shares of the bank’s stock valued at $3,641,000 after purchasing an additional 10,670 shares during the period. Empowered Funds LLC grew its holdings in OFG Bancorp by 19.9% in the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock worth $8,592,000 after buying an additional 35,269 shares in the last quarter. Finally, Vest Financial LLC increased its position in OFG Bancorp by 16.5% in the 4th quarter. Vest Financial LLC now owns 141,076 shares of the bank’s stock valued at $5,781,000 after acquiring an additional 20,020 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 price objective on OFG Bancorp in a report on Wednesday, July 22nd. Wells Fargo & Company upped their price objective on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Finally, Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.