Insider Selling: OFG Bancorp (NYSE:OFG) CEO Sells $2,745,862.40 in Stock

OFG Bancorp (NYSE:OFG) CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

OFG Bancorp Stock Up 1.4%

Shares of OFG Bancorp stock traded up $0.76 during trading on Tuesday, hitting $53.13. 228,201 shares of the stock traded hands, compared to its average volume of 345,363. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $48.11 and its 200 day simple moving average is $43.94. The firm has a market cap of $2.25 billion, a P/E ratio of 10.46 and a beta of 0.70. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $53.30.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data 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. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.32 million during the quarter, compared to analyst estimates of $182.64 million. During the same period in the prior year, the firm earned $1.15 earnings per share. On average, equities analysts predict that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a 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 Trading of OFG Bancorp

A number of institutional investors have recently made changes to their positions in the business. First Trust Advisors LP increased its position in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after buying an additional 281,593 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in shares of OFG Bancorp by 31.6% during the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after acquiring an additional 133,046 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of OFG Bancorp in the 4th quarter valued at approximately $4,224,000. Squarepoint Ops LLC boosted its stake in OFG Bancorp by 990.9% in the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank’s stock worth $4,170,000 after purchasing an additional 92,419 shares in the last quarter. Finally, Jane Street Group LLC grew its position in OFG Bancorp by 518.1% during the 2nd quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock worth $4,683,000 after purchasing an additional 91,723 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Benchmark initiated coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company lifted their target price on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Finally, Zacks Research downgraded shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $54.00.

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.