Ganesh Kumar Sells 15,768 Shares of OFG Bancorp (NYSE:OFG) 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 sale, the insider now owns 119,037 shares in the company, valued at $4,274,618.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 value of $319,117.78.

OFG Bancorp Trading Up 1.0 %

OFG traded up $0.35 during trading on Thursday, reaching $36.81. The company had a trading volume of 322,967 shares, compared to its average volume of 255,575. The firm’s 50-day simple moving average is $36.24 and its 200 day simple moving average is $34.03. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 9.54 and a beta of 1.08. OFG Bancorp has a 12-month low of $22.34 and a 12-month high of $39.04. 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 released its earnings results on Wednesday, January 24th. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. OFG Bancorp had a return on equity of 16.25% and a net margin of 23.62%. The company had revenue of $208.26 million for the quarter, compared to analysts’ expectations of $172.50 million. During the same quarter in the previous year, the business posted $0.97 EPS. Equities research analysts anticipate that OFG Bancorp will post 3.73 earnings per share for the current year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.22. OFG Bancorp’s payout ratio is 23.04%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On OFG Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in shares of OFG Bancorp by 58.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after buying an additional 225,666 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of OFG Bancorp in the 4th quarter valued at approximately $500,000. Barclays PLC grew its stake in shares of OFG Bancorp by 41.1% in the 4th quarter. Barclays PLC now owns 106,266 shares of the bank’s stock valued at $3,982,000 after buying an additional 30,954 shares in the last quarter. West Tower Group LLC grew its stake in shares of OFG Bancorp by 262.8% in the 4th 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 in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of OFG Bancorp by 0.4% in the 4th quarter. Nuveen Asset Management LLC now owns 1,398,984 shares of the bank’s stock valued at $52,466,000 after buying an additional 5,555 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

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.