OFG Bancorp (NYSE:OFG) CEO Sells $2,262,000.00 in Stock

OFG Bancorp (NYSE:OFG - Get Free Report) CEO Jose Rafael Fernandez sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now owns 284,775 shares in the company, valued at $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

OFG Bancorp Stock Down 0.4 %

NYSE:OFG traded down $0.20 during trading hours on Friday, reaching $44.80. The company had a trading volume of 135,538 shares, compared to its average volume of 240,224. OFG Bancorp has a twelve month low of $33.19 and a twelve month high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 10.82 and a beta of 1.02. The business's 50-day simple moving average is $43.17 and its two-hundred day simple moving average is $41.72.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the prior year, the business earned $0.95 earnings per share. The business's quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has approved a share buyback plan on Monday, October 28th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is currently 24.33%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on OFG Bancorp from $48.00 to $49.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $49.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. CWM LLC raised its stake in shares of OFG Bancorp by 147.1% in the second quarter. CWM LLC now owns 1,868 shares of the bank's stock worth $70,000 after purchasing an additional 1,112 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of OFG Bancorp by 30.4% in the second quarter. SG Americas Securities LLC now owns 22,574 shares of the bank's stock valued at $845,000 after purchasing an additional 5,269 shares during the last quarter. Diversified Trust Co grew its position in OFG Bancorp by 5.3% in the 2nd quarter. Diversified Trust Co now owns 14,143 shares of the bank's stock worth $530,000 after purchasing an additional 718 shares in the last quarter. Summit Global Investments lifted its position in shares of OFG Bancorp by 48.6% during the 2nd quarter. Summit Global Investments now owns 30,187 shares of the bank's stock worth $1,131,000 after buying an additional 9,875 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of OFG Bancorp in the 2nd quarter worth approximately $90,000. 92.73% of the stock is owned by institutional investors.

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.

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