OFG Bancorp (NYSE:OFG) Short Interest Up 49.0% in December

OFG Bancorp (NYSE:OFG) was the target of a large growth in short interest in December. As of December 31st, there was short interest totaling 993,713 shares, a growth of 49.0% from the December 15th total of 667,126 shares. Based on an average daily trading volume, of 277,919 shares, the short-interest ratio is currently 3.6 days. Currently, 2.3% of the shares of the stock are short sold. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 277,919 shares, the short-interest ratio is currently 3.6 days.

Insider Buying and Selling at OFG Bancorp

In related news, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the sale, the director directly owned 22,690 shares of the company’s stock, valued at $960,013.90. This represents a 8.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total transaction of $1,033,250.40. Following the completion of the sale, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 62,500 shares of company stock valued at $2,564,302. Corporate insiders own 3.11% of the company’s stock.

Institutional Trading of OFG Bancorp

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

OFG Bancorp Stock Performance

NYSE:OFG traded down $0.37 during trading hours on Friday, hitting $41.55. 197,575 shares of the company were exchanged, compared to its average volume of 201,795. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.85. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 9.44 and a beta of 0.77. The company’s 50 day moving average price is $41.03 and its 200-day moving average price is $42.31.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting the consensus estimate of $1.16. The business had revenue of $186.18 million for the quarter, compared to the consensus estimate of $186.71 million. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The company’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.00 EPS. As a group, research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler began coverage on OFG Bancorp in a research report on Thursday. They set a “neutral” rating and a $45.00 price target on the stock. Truist Financial dropped their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods lowered their price target on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, October 23rd. Finally, UBS Group set a $50.00 price objective on shares of OFG Bancorp in a research note on Thursday, October 9th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

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.