OFG Bancorp (NYSE:OFG) Sees Significant Increase in Short Interest

OFG Bancorp (NYSE:OFG) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 993,713 shares, an increase of 49.0% from the December 15th total of 667,126 shares. Currently, 2.3% of the shares of the company are short sold. Based on an average daily volume of 277,919 shares, the days-to-cover ratio is presently 3.6 days. Based on an average daily volume of 277,919 shares, the days-to-cover ratio is presently 3.6 days. Currently, 2.3% of the shares of the company are short sold.

OFG Bancorp Price Performance

Shares of OFG stock traded down $0.37 during mid-day trading on Friday, reaching $41.55. The stock had a trading volume of 197,575 shares, compared to its average volume of 201,795. The company has a market cap of $1.83 billion, a P/E ratio of 9.44 and a beta of 0.77. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The business has a 50-day simple moving average of $41.03 and a 200 day simple moving average of $42.31.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting analysts’ consensus estimates of $1.16. The firm had revenue of $186.18 million for the quarter, compared to analysts’ expectations of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 EPS. On average, sell-side analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Wednesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is 27.27%.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares in the company, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the completion of the sale, the insider directly owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 62,500 shares of company stock worth $2,564,302. 3.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

Large investors have recently bought and sold shares of the stock. Quarry LP purchased a new stake in shares of OFG Bancorp in the third quarter valued at $35,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of OFG Bancorp during the 3rd quarter worth about $53,000. EverSource Wealth Advisors LLC boosted its stake in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the second quarter worth about $97,000. Finally, Quantbot Technologies LP acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $162,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analyst Ratings Changes

OFG has been the subject of a number of analyst reports. UBS Group set a $50.00 price objective on shares of OFG Bancorp in a research report on Thursday, October 9th. Keefe, Bruyette & Woods lowered their price objective on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Wells Fargo & Company cut their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Truist Financial decreased their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Thursday, October 23rd. Finally, Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.67.

About OFG Bancorp

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.