Short Interest in OFG Bancorp (NYSE:OFG) Expands By 30.8%

OFG Bancorp (NYSE:OFG) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 597,300 shares, an increase of 30.8% from the May 31st total of 456,800 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily volume of 200,200 shares, the days-to-cover ratio is currently 3.0 days.

OFG Bancorp Price Performance

NYSE:OFG traded up $0.36 during midday trading on Monday, hitting $37.81. The company had a trading volume of 208,084 shares, compared to its average volume of 228,426. OFG Bancorp has a 52-week low of $25.72 and a 52-week high of $39.04. The stock’s fifty day moving average price is $36.93 and its 200-day moving average price is $36.43. The company has a market capitalization of $1.78 billion, a PE ratio of 9.67 and a beta of 1.00. 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 posted its quarterly earnings results 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 net margin of 23.00% and a return on equity of 16.10%. The business had revenue of $213.49 million during the quarter, compared to analyst estimates of $175.20 million. During the same period in the prior year, the business posted $0.96 earnings per share. As a group, research analysts expect that OFG Bancorp will post 4.02 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 2.64%. OFG Bancorp’s payout ratio is 25.58%.

Insider Transactions at OFG Bancorp

In other news, insider Ganesh Kumar sold 6,695 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $37.93, for a total value of $253,941.35. Following the transaction, the insider now owns 76,578 shares of the company’s stock, valued at $2,904,603.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.16% of the company’s stock.

Institutional Trading of OFG Bancorp

Several institutional investors have recently added to or reduced their stakes in OFG. Goldman Sachs Group Inc. boosted its position in OFG Bancorp by 58.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 611,132 shares of the bank’s stock valued at $22,905,000 after buying an additional 225,666 shares during the period. First Trust Advisors LP boosted its holdings in shares of OFG Bancorp by 15.4% during the fourth quarter. First Trust Advisors LP now owns 752,740 shares of the bank’s stock worth $28,213,000 after purchasing an additional 100,661 shares during the period. Knights of Columbus Asset Advisors LLC boosted its holdings in shares of OFG Bancorp by 94.6% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 196,042 shares of the bank’s stock worth $7,348,000 after purchasing an additional 95,282 shares during the period. Vanguard Group Inc. boosted its holdings in shares of OFG Bancorp by 1.1% during the first quarter. Vanguard Group Inc. now owns 5,906,903 shares of the bank’s stock worth $217,433,000 after purchasing an additional 63,883 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in shares of OFG Bancorp by 38.2% during the fourth quarter. Panagora Asset Management Inc. now owns 194,528 shares of the bank’s stock worth $7,291,000 after purchasing an additional 53,719 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

OFG Bancorp Company Profile

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.