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

by · The Cerbat Gem

OFG Bancorp (NYSE:OFG – Get Free Report) saw a significant 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. Approximately 1.3% of the shares of the stock are short sold. Based on an average trading volume of 200,200 shares, the short-interest ratio is presently 3.0 days.

OFG Bancorp Trading Up 1.9 %

OFG Bancorp stock traded up $0.70 during mid-day trading on Friday, hitting $37.45. The company’s stock had a trading volume of 443,744 shares, compared to its average volume of 227,885. The business has a 50 day moving average price of $36.89 and a 200-day moving average price of $36.43. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.86 and a quick ratio of 0.85. OFG Bancorp has a 12 month low of $25.72 and a 12 month high of $39.04. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 9.58 and a beta of 1.07.

OFG Bancorp (NYSE:OFG – Get Free Report) last released its earnings results on Thursday, April 18th. The bank reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.10. The company had revenue of $213.49 million during the quarter, compared to analyst estimates of $175.20 million. OFG Bancorp had a return on equity of 16.10% and a net margin of 23.00%. During the same quarter in the previous year, the company posted $0.96 EPS. As a group, analysts forecast that OFG Bancorp will post 4.02 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, June 28th. OFG Bancorp’s dividend payout ratio is 25.58%.

Insider Buying and Selling

In other OFG Bancorp news, insider Ganesh Kumar sold 6,695 shares of OFG Bancorp stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $37.93, for a total transaction of $253,941.35. Following the completion of the sale, the insider now owns 76,578 shares of the company’s stock, valued at $2,904,603.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On OFG Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EMC Capital Management raised its stake in shares of OFG Bancorp by 33.6% during the first quarter. EMC Capital Management now owns 18,214 shares of the bank’s stock valued at $670,000 after acquiring an additional 4,576 shares during the last quarter. Hancock Whitney Corp increased its stake in shares of OFG Bancorp by 4.2% during the first quarter. Hancock Whitney Corp now owns 41,078 shares of the bank’s stock valued at $1,512,000 after buying an additional 1,641 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of OFG Bancorp by 25.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 152,899 shares of the bank’s stock valued at $5,629,000 after acquiring an additional 30,814 shares in the last quarter. Lazard Asset Management LLC lifted its stake in OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after acquiring an additional 2,804 shares during the period. Finally, EntryPoint Capital LLC bought a new stake in OFG Bancorp in the first quarter valued at $121,000. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company decreased their price target on shares of OFG Bancorp from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th.

Read Our Latest Stock Analysis on OFG Bancorp

OFG Bancorp Company Profile

(Get Free Report)

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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