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

OFG Bancorp (NYSE:OFG) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 380,200 shares, a growth of 36.0% from the March 31st total of 279,500 shares. Based on an average trading volume of 243,900 shares, the short-interest ratio is presently 1.6 days. Approximately 0.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, insider Ganesh Kumar sold 9,071 shares of OFG Bancorp stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78. Following the sale, the insider now directly owns 144,502 shares of the company’s stock, valued at $5,083,580.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 34,536 shares of company stock valued at $1,238,317 in the last 90 days. Corporate insiders own 3.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. AE Wealth Management LLC acquired a new stake in OFG Bancorp during the third quarter worth approximately $486,000. SG Americas Securities LLC bought a new stake in OFG Bancorp during the 3rd quarter worth approximately $647,000. Denali Advisors LLC purchased a new stake in shares of OFG Bancorp in the third quarter valued at about $726,000. Bailard Inc. purchased a new stake in OFG Bancorp in the 3rd quarter valued at about $489,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of OFG Bancorp by 23.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,959 shares of the bank’s stock valued at $357,000 after acquiring an additional 2,273 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

OFG Bancorp Price Performance

OFG Bancorp stock opened at $36.30 on Friday. The stock’s 50 day moving average is $35.77 and its 200 day moving average is $34.93. OFG Bancorp has a one year low of $22.34 and a one year high of $39.04. The firm has a market cap of $1.71 billion, a P/E ratio of 9.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.83.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, April 18th. The bank reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.10. OFG Bancorp had a net margin of 23.00% and a return on equity of 16.10%. The company had revenue of $213.49 million for the quarter, compared to analyst estimates of $175.20 million. During the same period in the prior year, the firm posted $0.96 EPS. As a group, research analysts expect that OFG Bancorp will post 4.02 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.25 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.22. This represents a $1.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Wednesday, March 27th. OFG Bancorp’s dividend payout ratio (DPR) is presently 25.58%.

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.