Insider Selling: OFG Bancorp (NYSE:OFG) Director Sells $212,000.00 in Stock

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

OFG Bancorp Stock Performance

NYSE:OFG opened at $53.88 on Monday. The stock has a market cap of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average is $50.23 and its 200-day moving average is $45.15. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $53.98.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $182.64 million. During the same quarter last year, the business earned $1.15 EPS. Equities research analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm 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 is 27.56%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Truist Financial raised their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on OFG Bancorp in a report on Wednesday, July 22nd. Finally, Benchmark started coverage on OFG Bancorp in a research report on Tuesday, July 14th. They issued a “hold” rating on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, OFG Bancorp has an average rating of “Moderate Buy” and a consensus target price of $55.20.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its stake in shares of OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after purchasing an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares in the last quarter. Quantbot Technologies LP bought a new stake in OFG Bancorp in the second quarter worth approximately $162,000. Arrowstreet Capital Limited Partnership lifted its stake in OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after buying an additional 31,816 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares during the period. 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.