OFG Bancorp (NYSE:OFG) Short Interest Down 15.5% in February

OFG Bancorp (NYSE:OFG) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 583,900 shares, a decline of 15.5% from the February 13th total of 690,800 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily volume of 350,900 shares, the days-to-cover ratio is currently 1.7 days.

Hedge Funds Weigh In On OFG Bancorp

Institutional investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of OFG Bancorp in the third quarter worth approximately $984,000. Foundry Partners LLC acquired a new position in OFG Bancorp in the 3rd quarter worth approximately $6,038,000. State Street Corp boosted its stake in OFG Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,177,560 shares of the bank’s stock worth $98,354,000 after purchasing an additional 19,372 shares during the period. Janney Montgomery Scott LLC purchased a new position in OFG Bancorp during the 3rd quarter worth approximately $759,000. Finally, Charles Schwab Investment Management Inc. raised its stake in OFG Bancorp by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,652,224 shares of the bank’s stock valued at $69,922,000 after purchasing an additional 14,618 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods raised their price objective on shares of OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd.

OFG Bancorp Price Performance

OFG Bancorp stock traded down $0.07 during midday trading on Thursday, hitting $40.56. The company’s stock had a trading volume of 59,971 shares, compared to its average volume of 356,253. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The stock’s 50-day moving average price is $42.16 and its 200-day moving average price is $42.92. The company has a market capitalization of $1.84 billion, a PE ratio of 9.61 and a beta of 0.96.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the firm earned $0.98 earnings per share. Analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.96%. OFG Bancorp’s payout ratio is 28.44%.

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.