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

OFG Bancorp (NYSE:OFG) was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 824,167 shares, a decrease of 17.1% from the December 31st total of 993,713 shares. Based on an average daily volume of 189,384 shares, the short-interest ratio is currently 4.4 days. Currently, 1.9% of the shares of the stock are sold short. Currently, 1.9% of the shares of the stock are sold short. Based on an average daily volume of 189,384 shares, the short-interest ratio is currently 4.4 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OFG. Wells Fargo & Company lowered their target price on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Piper Sandler assumed coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective for the company. UBS Group set a $50.00 price target on OFG Bancorp in a report on Thursday, October 9th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, OFG Bancorp has an average rating of “Hold” and an average target price of $45.83.

OFG Bancorp Trading Up 1.6%

Shares of NYSE OFG traded up $0.67 during midday trading on Tuesday, reaching $41.40. 326,620 shares of the stock were exchanged, compared to its average volume of 321,388. The stock has a market capitalization of $1.82 billion, a P/E ratio of 9.04 and a beta of 0.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.87. The company has a 50 day simple moving average of $40.95 and a 200 day simple moving average of $41.88. OFG Bancorp has a twelve month low of $33.15 and a twelve month high of $46.11.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.11. The company had revenue of $185.37 million during the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share. As a group, equities analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio is 26.20%.

OFG Bancorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 28th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 12% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at OFG Bancorp

In other news, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, December 22nd. The stock was 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. The trade was a 8.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the chief executive officer owned 184,675 shares of the company’s stock, valued at $7,562,441.25. The trade was a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 62,500 shares of company stock valued at $2,564,302. 2.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OFG Bancorp

Hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC raised its position in OFG Bancorp by 211.0% in the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock valued at $18,051,000 after purchasing an additional 286,113 shares during the period. Burney Co. purchased a new position in shares of OFG Bancorp during the second quarter worth $10,236,000. CSM Advisors LLC acquired a new stake in shares of OFG Bancorp in the second quarter valued at $8,235,000. Qube Research & Technologies Ltd raised its holdings in shares of OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after buying an additional 133,046 shares during the period. Finally, First Trust Advisors LP lifted its stake in OFG Bancorp by 6.5% during the 3rd quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock worth $81,566,000 after acquiring an additional 113,868 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.