Insider Selling: OFG Bancorp (NYSE:OFG) CEO Sells 50,000 Shares of Stock

OFG Bancorp (NYSE:OFG) CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $44.79 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $43.18 and its two-hundred day moving average price is $41.80. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The stock has a market capitalization of $2.06 billion, a P/E ratio of 10.90 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company had revenue of $174.10 million during the quarter, compared to the consensus estimate of $178.25 million. During the same period last year, the business posted $0.95 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, sell-side analysts forecast that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.23%. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback plan on Monday, October 28th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System raised its holdings in shares of OFG Bancorp by 1.9% during the second quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock valued at $494,000 after buying an additional 247 shares during the last quarter. Louisiana State Employees Retirement System increased its position in OFG Bancorp by 1.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock valued at $884,000 after acquiring an additional 300 shares during the period. SummerHaven Investment Management LLC increased its position in OFG Bancorp by 1.6% in the 2nd quarter. SummerHaven Investment Management LLC now owns 26,733 shares of the bank’s stock valued at $1,001,000 after acquiring an additional 412 shares during the period. XTX Topco Ltd raised its stake in OFG Bancorp by 5.2% during the 3rd quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after acquiring an additional 413 shares in the last quarter. Finally, Martingale Asset Management L P boosted its position in OFG Bancorp by 0.5% during the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock worth $3,918,000 after acquiring an additional 460 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods upped their price objective on OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company upped their price target on OFG Bancorp from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler decreased their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.