OFG Bancorp (NYSE:OFG) Sees Large Decline in Short Interest

OFG Bancorp (NYSE:OFG) was the recipient of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 583,900 shares, a drop of 15.5% from the February 13th total of 690,800 shares. Currently, 1.3% of the company’s stock are sold short. Based on an average trading volume of 350,900 shares, the days-to-cover ratio is presently 1.7 days.

OFG Bancorp Stock Down 0.2 %

OFG stock traded down $0.07 during mid-day trading on Thursday, hitting $40.56. The stock had a trading volume of 59,971 shares, compared to its average volume of 356,253. OFG Bancorp has a 1-year low of $33.19 and a 1-year high of $47.66. The company has a fifty day moving average of $42.16 and a 200 day moving average of $42.92. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 9.61 and a beta of 0.96.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the firm earned $0.98 EPS. On average, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is presently 28.44%.

Hedge Funds Weigh In On OFG Bancorp

Several hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in shares of OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after buying an additional 263 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in OFG Bancorp by 196.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,026 shares of the bank’s stock worth $44,000 after purchasing an additional 680 shares during the period. R Squared Ltd acquired a new position in OFG Bancorp during the fourth quarter valued at approximately $44,000. Meeder Asset Management Inc. bought a new position in shares of OFG Bancorp in the fourth quarter valued at approximately $44,000. Finally, Blue Trust Inc. lifted its stake in shares of OFG Bancorp by 84.8% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the bank’s stock worth $93,000 after buying an additional 946 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd.

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.