Insider Selling: OFG Bancorp (NYSE:OFG) CFO Sells 5,000 Shares of Stock

OFG Bancorp (NYSE:OFG) CFO Maritza Arizmendi sold 5,000 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer now directly owns 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

OFG Bancorp Stock Down 0.9 %

Shares of OFG stock opened at $41.24 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.85 and a quick ratio of 0.86. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The company’s fifty day moving average price is $38.71 and its 200-day moving average price is $41.53. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.77 and a beta of 0.73.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $178.30 million for the quarter, compared to the consensus estimate of $175.35 million. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the prior year, the business earned $1.05 earnings per share. Sell-side analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.30 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 2.91%. OFG Bancorp’s payout ratio is 28.78%.

Institutional Investors Weigh In On OFG Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after acquiring an additional 43,738 shares during the last quarter. GAMMA Investing LLC grew its position in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock valued at $34,000 after purchasing an additional 263 shares in the last quarter. Diversified Trust Co lifted its position in shares of OFG Bancorp by 9.5% in the fourth quarter. Diversified Trust Co now owns 15,399 shares of the bank’s stock worth $652,000 after buying an additional 1,330 shares in the last quarter. Range Financial Group LLC bought a new position in OFG Bancorp during the fourth quarter valued at approximately $1,795,000. Finally, Wedge Capital Management L L P NC grew its holdings in OFG Bancorp by 9.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 21,959 shares of the bank’s stock valued at $929,000 after buying an additional 1,931 shares in the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OFG has been the topic of several recent research reports. Wells Fargo & Company cut shares of OFG Bancorp from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $48.00 to $42.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their price objective on OFG Bancorp from $53.00 to $48.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Hovde Group lowered their target price on OFG Bancorp from $53.50 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Piper Sandler reduced their price target on OFG Bancorp from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.