OFG Bancorp (NYSE:OFG) Sees Significant Growth in Short Interest

OFG Bancorp (NYSE:OFG) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totaling 993,713 shares, an increase of 49.0% from the December 15th total of 667,126 shares. Approximately 2.3% of the company’s stock are sold short. Based on an average trading volume of 277,919 shares, the days-to-cover ratio is currently 3.6 days. Based on an average trading volume of 277,919 shares, the days-to-cover ratio is currently 3.6 days. Approximately 2.3% of the company’s stock are sold short.

Insider Activity at OFG Bancorp

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction 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 transaction, the director directly owned 22,690 shares of the company’s stock, valued at $960,013.90. This represents a 8.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jorge Colon sold 25,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $40.85, for a total value of $1,021,250.00. Following the completion of the transaction, the director owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This trade represents a 47.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 in the last quarter. 3.11% of the stock is currently owned by company insiders.

Institutional Trading of OFG Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new position in shares of OFG Bancorp during the 3rd quarter valued at about $35,000. Wealth Enhancement Advisory Services LLC purchased a new position in OFG Bancorp during the third quarter worth about $53,000. EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in OFG Bancorp in the 2nd quarter valued at about $97,000. Finally, Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $162,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Price Performance

Shares of NYSE OFG traded down $0.37 during trading on Friday, hitting $41.55. The company had a trading volume of 197,575 shares, compared to its average volume of 201,795. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 9.44 and a beta of 0.77. The stock has a fifty day simple moving average of $41.03 and a two-hundred day simple moving average of $42.31. 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 fifty-two week low of $33.15 and a fifty-two week high of $46.11.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $186.71 million. During the same period last year, the company posted $1.00 EPS. OFG Bancorp’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Wednesday, December 31st. OFG Bancorp’s payout ratio is presently 27.27%.

Analysts Set New Price Targets

Several brokerages have weighed in on OFG. Wells Fargo & Company cut their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Truist Financial reduced their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, October 23rd. UBS Group set a $50.00 price target on OFG Bancorp in a report on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.67.

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.