OFG Bancorp (NYSE:OFG) Short Interest Down 38.6% in October

OFG Bancorp (NYSE:OFG) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 560,600 shares, a drop of 38.6% from the September 30th total of 913,400 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 225,300 shares, the short-interest ratio is currently 2.5 days. Based on an average daily trading volume, of 225,300 shares, the short-interest ratio is currently 2.5 days. Currently, 1.3% of the shares of the stock are sold short.

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.49 during trading on Monday, reaching $39.15. 296,204 shares of the company’s stock traded hands, compared to its average volume of 309,177. The company has a market capitalization of $1.74 billion, a P/E ratio of 8.90 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33. The firm’s 50-day moving average is $42.88 and its 200 day moving average is $42.33. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $47.66.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting the consensus estimate of $1.16. The company had revenue of $184.00 million for the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.00 EPS. Equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s payout ratio is presently 27.27%.

Analyst Upgrades and Downgrades

OFG has been the topic of a number of research analyst reports. UBS Group set a $50.00 target price on OFG Bancorp in a research report on Thursday, October 9th. Truist Financial cut their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Wednesday, October 8th. Wall Street Zen raised OFG Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 20th. Finally, Zacks Research raised OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.17.

Institutional Trading of OFG Bancorp

Large investors have recently bought and sold shares of the company. SummerHaven Investment Management LLC raised its holdings in shares of OFG Bancorp by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 20,898 shares of the bank’s stock valued at $894,000 after purchasing an additional 391 shares during the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of OFG Bancorp by 1.5% during the second quarter. Wedge Capital Management L L P NC now owns 26,409 shares of the bank’s stock valued at $1,130,000 after purchasing an additional 394 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of OFG Bancorp by 4.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after purchasing an additional 396 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of OFG Bancorp by 1.5% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after purchasing an additional 500 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of OFG Bancorp by 1.2% during the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after purchasing an additional 506 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

About OFG Bancorp

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.