SAN JUAN, Puerto Rico—Jose Rafael Fernandez, CEO and Chairperson of OFG Bancorp (NYSE:OFG), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Fernandez sold a total of 100,000 shares of OFG Bancorp common stock over two days, December 4 and December 5, 2024. The shares were sold at prices ranging from $45.2424 to $45.3672 per share, amounting to a total sale value of approximately $4.53 million. The sale comes as OFG shares trade near their 52-week high of $47.66, having delivered a strong 33% return over the past year. InvestingPro data shows the bank maintaining a "GREAT" financial health score of 3.27.
Following these transactions, Fernandez's direct ownership in OFG Bancorp decreased to 234,774.688 shares. Additionally, the filing noted a separate transaction involving a charitable donation of 500 shares, which did not involve any monetary exchange.
These transactions provide insight into the trading activities of OFG Bancorp's top executive as the company continues to navigate the financial landscape.
In other recent news, OFG Bancorp has announced a new $50 million stock repurchase authorization, aimed at enhancing shareholder value. In addition, the company declared a regular quarterly cash dividend of $0.25 per common share for the quarter ending December 2024. Piper Sandler has maintained its Overweight rating on OFG Bancorp, despite third-quarter earnings falling short of expectations.
OFG Bancorp reported a 5.3% year-over-year increase in earnings per share to $1.00 for the third quarter of 2024. The company's total core revenues reached $174.1 million, and total assets grew by 12% to $11.5 billion. New loan production reached $572 million, and the company acquired a servicing portfolio projected to generate approximately $900,000 in quarterly mortgage banking fees.
Looking ahead, OFG Bancorp anticipates two additional Federal Reserve rate cuts and continued loan growth. The net interest margin for Q4 is projected between 5.3% and 5.4%, and non-interest expenses are expected to range from $91 million to $93 million. These recent developments highlight OFG Bancorp's ongoing efforts to provide a robust financial platform for its shareholders.
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