OFG Bancorp (NYSE:OFG) Short Interest Up 38.7% in February

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, 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. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Annette Franqui bought 1,540 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was acquired at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the purchase, the director owned 3,440 shares in the company, valued at approximately $144,686.40. This trade represents a 81.05% increase in their position. The SEC filing for this purchase provides additional information. 2.16% of the stock is owned by insiders.

Institutional Investors Weigh In On OFG Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC increased its holdings in shares of OFG Bancorp by 211.0% during the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock valued at $18,051,000 after purchasing an additional 286,113 shares during the period. Burney Co. bought a new position in OFG Bancorp in the 2nd quarter valued at about $10,236,000. CSM Advisors LLC bought a new position in OFG Bancorp in the 2nd quarter valued at about $8,235,000. First Trust Advisors LP increased its stake in OFG Bancorp by 8.8% during the 4th quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock valued at $83,613,000 after buying an additional 164,818 shares during the period. Finally, Qube Research & Technologies Ltd raised its position in shares of OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after buying an additional 133,046 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

Shares of NYSE OFG traded down $0.16 during trading on Wednesday, reaching $40.12. The stock had a trading volume of 11,183 shares, compared to its average volume of 328,719. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $1.73 billion, a PE ratio of 8.76 and a beta of 0.74. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11. The firm’s 50 day moving average price is $41.06 and its two-hundred day moving average price is $41.68.

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

OFG Bancorp declared that its Board of Directors has approved a share buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 12% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.35 dividend. This is a boost 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 dividend yield of 3.5%. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.20%.

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.