OFG Bancorp (NYSE:OFG) Director Jesus Nestor De Sells 4,000 Shares

OFG Bancorp (NYSE:OFG) Director Jesus Nestor De sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

OFG Bancorp Trading Up 0.6%

OFG Bancorp stock opened at $53.88 on Friday. OFG Bancorp has a one year low of $35.71 and a one year high of $53.98. The company’s fifty day moving average price is $50.23 and its two-hundred day moving average price is $45.10. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The company had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the previous year, the firm earned $1.15 earnings per share. On average, analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

Institutional Investors Weigh In On OFG Bancorp

Several hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after acquiring an additional 27,774 shares during the period. Intech Investment Management LLC lifted its position in shares of OFG Bancorp by 109.0% in the 4th quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock worth $6,067,000 after acquiring an additional 77,223 shares during the period. Jacobs Asset Management LLC lifted its position in shares of OFG Bancorp by 13.5% in the 1st quarter. Jacobs Asset Management LLC now owns 90,000 shares of the bank’s stock worth $3,641,000 after acquiring an additional 10,670 shares during the period. Empowered Funds LLC lifted its position in shares of OFG Bancorp by 19.9% in the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock worth $8,592,000 after acquiring an additional 35,269 shares during the period. Finally, Vest Financial LLC grew its holdings in shares of OFG Bancorp by 16.5% during the 4th quarter. Vest Financial LLC now owns 141,076 shares of the bank’s stock worth $5,781,000 after purchasing an additional 20,020 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on OFG. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating for the company. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday. Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.20.

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.