Short Interest in OFG Bancorp (NYSE:OFG) Decreases By 22.8%

OFG Bancorp (NYSE:OFG) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totaling 667,126 shares, a decrease of 22.8% from the November 30th total of 863,599 shares. Based on an average daily volume of 213,057 shares, the days-to-cover ratio is presently 3.1 days. Currently, 1.6% of the shares of the stock are sold short. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily volume of 213,057 shares, the days-to-cover ratio is presently 3.1 days.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded down $0.42 during midday trading on Tuesday, reaching $41.14. 132,088 shares of the stock were exchanged, compared to its average volume of 243,175. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 9.35 and a beta of 0.79. The firm has a 50-day simple moving average of $40.52 and a two-hundred day simple moving average of $42.38. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $46.11.

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

OFG Bancorp Announces Dividend

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

Insiders Place Their Bets

In other news, Director Jorge Colon sold 25,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the completion of the transaction, the director owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director directly owned 22,690 shares of the company’s stock, valued at $960,013.90. This trade represents a 8.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 over the last three months. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On OFG Bancorp

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company cut their price target 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. UBS Group set a $50.00 price target on OFG Bancorp in a research note on Thursday, October 9th. Truist Financial reduced 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. Keefe, Bruyette & Woods cut their target price on OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, October 23rd. Finally, Zacks Research cut OFG Bancorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 16th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.17.

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.