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

OFG Bancorp (NYSE:OFG) was the recipient of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 1,042,959 shares, a growth of 38.7% from the January 29th total of 752,059 shares. Based on an average daily volume of 383,762 shares, the short-interest ratio is currently 2.7 days. Approximately 2.4% of the company’s shares are short sold. Approximately 2.4% of the company’s shares are short sold. Based on an average daily volume of 383,762 shares, the short-interest ratio is currently 2.7 days.

OFG Bancorp Trading Down 4.2%

NYSE:OFG opened at $40.09 on Monday. The company has a market capitalization of $1.73 billion, a P/E ratio of 8.75 and a beta of 0.74. The stock’s 50 day moving average price is $41.13 and its 200 day moving average price is $41.72. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. During the same period in the prior year, the business posted $1.09 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. On average, research analysts forecast that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.35 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.5%. OFG Bancorp’s payout ratio is currently 26.20%.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 28th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 12% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other OFG Bancorp news, insider Cesar A. Ortiz sold 5,500 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total transaction of $231,935.00. Following the sale, the insider directly owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director owned 22,690 shares of the company’s stock, valued at $960,013.90. The trade was a 8.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in OFG. First Trust Advisors LP raised its stake in OFG Bancorp by 8.8% during the fourth quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock worth $83,613,000 after acquiring an additional 164,818 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of OFG Bancorp by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock worth $69,949,000 after purchasing an additional 13,121 shares during the last quarter. American Century Companies Inc. increased its position in shares of OFG Bancorp by 8.1% during the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after purchasing an additional 108,635 shares in the last quarter. LSV Asset Management lifted its holdings in OFG Bancorp by 4.4% during the 3rd quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock valued at $58,713,000 after purchasing an additional 56,400 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in OFG Bancorp by 0.6% in the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock valued at $47,548,000 after buying an additional 6,241 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on OFG. Truist Financial lowered their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Piper Sandler initiated coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.83.

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.