OFG Bancorp Sees Unusually Large Options Volume (NYSE:OFG)

OFG Bancorp (NYSE:OFG) saw unusually large options trading on Tuesday. Stock investors purchased 6,791 call options on the company. This represents an increase of approximately 8,389% compared to the average volume of 80 call options.

Wall Street Analyst Weigh In

OFG has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised OFG Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 22nd. Benchmark started coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Truist Financial raised their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.50.

OFG Bancorp Trading Up 0.6%

Shares of OFG traded up $0.32 during midday trading on Tuesday, hitting $51.19. The stock had a trading volume of 87,251 shares, compared to its average volume of 319,682. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $54.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.88. The stock’s 50 day moving average is $51.69 and its 200 day moving average is $46.78. The firm has a market cap of $2.16 billion, a PE ratio of 9.75 and a beta of 0.73.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 21st. The bank reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.10. OFG Bancorp had a return on equity of 16.38% and a net margin of 24.64%. The business had revenue of $186.21 million during the quarter, compared to analyst estimates of $187.11 million. As a group, analysts forecast that OFG Bancorp will post 5.32 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $0.40 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Thursday, December 31st. OFG Bancorp’s dividend payout ratio is currently 26.67%.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Néstor de Jesús sold 4,000 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares in the company, valued at $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.23% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

A number of institutional investors have recently bought and sold shares of OFG. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in OFG Bancorp during the 2nd quarter valued at approximately $1,388,000. Bank of America Corp DE acquired a new stake in shares of OFG Bancorp in the second quarter worth $6,129,000. Public Employees Retirement System of Ohio purchased a new position in shares of OFG Bancorp during the second quarter worth $1,439,000. Legal & General Group Plc purchased a new position in shares of OFG Bancorp during the second quarter worth $4,651,000. Finally, Deutsche Bank AG purchased a new position in shares of OFG Bancorp during the second quarter worth $20,652,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

About OFG Bancorp

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and institutions in Puerto Rico and the U.S. Virgin Islands.

Oriental Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, auto financing, credit cards and other retail banking products. The company also provides wealth management, trust, investment and insurance-related services through its affiliated businesses.

Founded in 1964, OFG Bancorp has expanded its presence in Puerto Rico through organic growth and acquisitions, including the purchase of Scotiabank’s Puerto Rico operations in 2019.