OFG Bancorp (NYSE:OFG) Insider Sells $566,228.88 in Stock

OFG Bancorp (NYSE:OFG) insider Ganesh Kumar sold 15,768 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $35.91, for a total transaction of $566,228.88. Following the completion of the transaction, the insider now directly owns 119,037 shares in the company, valued at $4,274,618.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Ganesh Kumar also recently made the following trade(s):

• On Thursday, March 21st, Ganesh Kumar sold 9,697 shares of OFG Bancorp stock. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80.
• On Tuesday, March 19th, Ganesh Kumar sold 9,071 shares of OFG Bancorp stock. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78.

OFG Bancorp Trading Up 1.0 %

Shares of OFG Bancorp stock opened at $36.81 on Friday. OFG Bancorp has a 52-week low of $22.34 and a 52-week high of $39.04. The stock’s 50-day simple moving average is $36.31 and its 200 day simple moving average is $34.13. The stock has a market capitalization of $1.74 billion, a P/E ratio of 9.64 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.83 and a current ratio of 0.84.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. The business had revenue of $208.26 million for the quarter, compared to analysts’ expectations of $172.50 million. During the same period in the previous year, the business posted $0.97 EPS. As a group, research analysts anticipate that OFG Bancorp will post 3.75 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a $0.25 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Wednesday, March 27th. OFG Bancorp’s payout ratio is currently 26.18%.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC bought a new stake in shares of OFG Bancorp during the third quarter valued at about $32,000. Envestnet Asset Management Inc. increased its position in shares of OFG Bancorp by 1,956.2% during the first quarter. Envestnet Asset Management Inc. now owns 178,726 shares of the bank’s stock valued at $38,000 after buying an additional 170,034 shares during the period. Quantbot Technologies LP increased its position in shares of OFG Bancorp by 734.8% during the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock valued at $42,000 after buying an additional 1,477 shares during the period. West Tower Group LLC increased its position in shares of OFG Bancorp by 262.8% during the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock valued at $44,000 after buying an additional 854 shares during the period. Finally, Quarry LP increased its position in shares of OFG Bancorp by 101.3% during the first quarter. Quarry LP now owns 2,562 shares of the bank’s stock valued at $64,000 after buying an additional 1,289 shares during the period. 92.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company boosted their price target on shares of OFG Bancorp from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday, January 29th.

OFG Bancorp Company Profile

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.