OFG Bancorp (NYSE:OFG – Get Rating) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 453,100 shares, a decline of 27.0% from the October 31st total of 620,300 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 239,700 shares, the days-to-cover ratio is presently 1.9 days.
OFG Bancorp Stock Up 1.4 %
OFG traded up $0.41 during trading on Wednesday, reaching $28.97. 243,439 shares of the stock traded hands, compared to its average volume of 257,634. OFG Bancorp has a fifty-two week low of $23.82 and a fifty-two week high of $30.93. The stock’s 50-day simple moving average is $27.38 and its two-hundred day simple moving average is $27.27. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 9.18 and a beta of 1.17. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.83 and a quick ratio of 0.83.
OFG Bancorp (NYSE:OFG – Get Rating) last announced its quarterly earnings results on Thursday, October 20th. The bank reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. OFG Bancorp had a return on equity of 14.88% and a net margin of 25.03%. The company had revenue of $156.81 million during the quarter, compared to analysts’ expectations of $154.80 million. As a group, equities research analysts expect that OFG Bancorp will post 3.41 EPS for the current year.
OFG Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be given a $0.20 dividend. The ex-dividend date is Thursday, December 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.76%. OFG Bancorp’s dividend payout ratio is currently 25.56%.
Insider Activity
In other news, Director Edwin Perez sold 10,000 shares of OFG Bancorp stock in a transaction on Monday, November 28th. The stock was sold at an average price of $28.56, for a total transaction of $285,600.00. Following the transaction, the director now owns 60,000 shares in the company, valued at $1,713,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.66% of the stock is currently owned by corporate insiders.
Institutional Trading of OFG Bancorp
Institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. bought a new position in shares of OFG Bancorp in the third quarter worth about $25,000. Quantbot Technologies LP increased its stake in shares of OFG Bancorp by 734.8% in the second quarter. Quantbot Technologies LP now owns 1,678 shares of the bank’s stock worth $42,000 after purchasing an additional 1,477 shares during the period. KBC Group NV bought a new position in shares of OFG Bancorp in the second quarter worth about $101,000. Tower Research Capital LLC TRC increased its stake in shares of OFG Bancorp by 193.9% in the third quarter. Tower Research Capital LLC TRC now owns 6,592 shares of the bank’s stock worth $166,000 after purchasing an additional 4,349 shares during the period. Finally, Mutual of America Capital Management LLC increased its stake in shares of OFG Bancorp by 14.1% in the second quarter. Mutual of America Capital Management LLC now owns 8,162 shares of the bank’s stock worth $207,000 after purchasing an additional 1,010 shares during the period. Institutional investors and hedge funds own 93.47% of the company’s stock.
Analyst Ratings Changes
Separately, StockNews.com downgraded OFG Bancorp from a “strong-buy” rating to a “buy” rating in a report on Friday, November 25th.
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, as well as time deposit products; commercial, consumer, auto, and mortgage lending services; financial planning and insurance services; and corporate and individual trust, and retirement services.