Maritza Arizmendi Sells 10,000 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) CFO Maritza Arizmendi sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.34 during trading hours on Friday, reaching $53.88. 250,018 shares of the company’s stock were exchanged, compared to its average volume of 334,891. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.98. The stock has a market capitalization of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69. The business has a fifty day moving average price of $50.07 and a 200-day moving average price of $45.03. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The business had revenue of $190.28 million for the quarter, compared to the consensus estimate of $182.64 million. During the same quarter last year, the company posted $1.15 earnings per share. Analysts predict that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

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

Analysts Set New Price Targets

OFG has been the subject of several research reports. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Truist Financial boosted their price target on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company upped their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating for the company. Finally, Zacks Research raised 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.20.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $31,000. Quarry LP acquired a new position in OFG Bancorp in the third quarter worth about $35,000. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. bought a new position in OFG Bancorp during the second quarter worth about $97,000. Finally, Royal Bank of Canada boosted its holdings in OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,736 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

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.