Ganesh Kumar Sells 15,768 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) insider Ganesh Kumar sold 15,768 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $35.91, for a total transaction of $566,228.88. Following the sale, the insider now owns 119,037 shares of the company’s stock, valued at $4,274,618.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Ganesh Kumar also recently made the following trade(s):

• On Thursday, March 21st, Ganesh Kumar sold 9,697 shares of OFG Bancorp stock. The stock was sold at an average price of $36.40, for a total transaction of $352,970.80.
• On Tuesday, March 19th, Ganesh Kumar sold 9,071 shares of OFG Bancorp stock. The stock was sold at an average price of $35.18, for a total transaction of $319,117.78.

OFG Bancorp Trading Up 1.0 %

OFG stock traded up $0.35 during mid-day trading on Thursday, hitting $36.81. 322,967 shares of the company were exchanged, compared to its average volume of 255,575. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $1.73 billion, a P/E ratio of 9.54 and a beta of 1.08. The business has a fifty day simple moving average of $36.24 and a 200-day simple moving average of $34.03. OFG Bancorp has a 12-month low of $22.34 and a 12-month high of $39.04.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Wednesday, January 24th. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $208.26 million during the quarter, compared to analyst estimates of $172.50 million. OFG Bancorp had a net margin of 23.62% and a return on equity of 16.25%. During the same quarter last year, the firm posted $0.97 earnings per share. On average, equities research analysts predict that OFG Bancorp will post 3.73 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be paid a $0.25 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.72%. OFG Bancorp’s dividend payout ratio (DPR) is presently 23.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. BluePath Capital Management LLC purchased a new position in OFG Bancorp in the third quarter worth approximately $32,000. West Tower Group LLC lifted its stake in OFG Bancorp by 262.8% in the fourth quarter. West Tower Group LLC now owns 1,179 shares of the bank’s stock worth $44,000 after acquiring an additional 854 shares during the last quarter. Quantbot Technologies LP lifted its stake in 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 acquiring an additional 1,477 shares during the last quarter. Quarry LP lifted its stake in OFG Bancorp by 101.3% in the first quarter. Quarry LP now owns 2,562 shares of the bank’s stock worth $64,000 after acquiring an additional 1,289 shares during the last quarter. Finally, Creative Planning purchased a new position in OFG Bancorp in the third quarter worth approximately $94,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, January 29th.

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.