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

OFG Bancorp (NYSE:OFG) saw a large growth in short interest in June. As of June 15th, there was short interest totalling 597,300 shares, a growth of 30.8% from the May 31st total of 456,800 shares. Based on an average trading volume of 200,200 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.3% of the company’s stock are short sold.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, insider Ganesh Kumar sold 20,074 shares of OFG Bancorp stock in a transaction on Monday, May 6th. The shares were sold at an average price of $38.00, for a total value of $762,812.00. Following the sale, the insider now directly owns 91,335 shares in the company, valued at approximately $3,470,730. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.11% of the company’s stock.

Hedge Funds Weigh In On OFG Bancorp

Several large investors have recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new position in OFG Bancorp in the 1st quarter valued at about $121,000. Lazard Asset Management LLC increased its stake in shares of OFG Bancorp by 206.6% during the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after purchasing an additional 2,804 shares during the period. Vest Financial LLC acquired a new stake in shares of OFG Bancorp during the fourth quarter worth $241,000. O Shaughnessy Asset Management LLC boosted its holdings in OFG Bancorp by 23.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 9,181 shares of the bank’s stock valued at $338,000 after purchasing an additional 1,765 shares during the period. Finally, ProShare Advisors LLC increased its stake in OFG Bancorp by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 9,328 shares of the bank’s stock worth $343,000 after acquiring an additional 641 shares during the period. 92.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.70 on Friday, reaching $37.45. The stock had a trading volume of 443,744 shares, compared to its average volume of 227,885. OFG Bancorp has a 12 month low of $25.72 and a 12 month high of $39.04. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 9.58 and a beta of 1.07. The firm’s 50-day moving average is $36.89 and its two-hundred day moving average is $36.43. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.17.

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

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 2.67%. OFG Bancorp’s dividend payout ratio (DPR) is 25.58%.

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.