In a recent filing with the Securities and Exchange Commission, OFG Bancorp (NYSE:OFG) reported that Chief Strategy Officer, US, Kumar Ganesh, has sold a total of 18,768 shares of the company's common stock. The transactions, which took place on March 19 and March 21, 2024, resulted in proceeds exceeding $672,000 for Ganesh.
The first sale on March 19 involved 9,071 shares at a price of $35.176 per share. A couple of days later, on March 21, Ganesh sold an additional 9,697 shares at a higher price of $36.40 each. These transactions indicate a price range for the sold shares between $35.176 and $36.4.
Following these sales, the filing revealed that Kumar Ganesh still owns 134,805 shares of OFG Bancorp's common stock, maintaining a significant stake in the company. The sales were executed as part of standard transactions and were reported in compliance with SEC regulations.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, such transactions can occur for various reasons and do not necessarily signal a change in the company's fundamentals or outlook.
OFG Bancorp, headquartered in San Juan, Puerto Rico, operates as a financial holding company and provides a range of banking and financial services. The company was formerly known as Oriental Financial Group Inc . before changing its name.
The filings provide a window into the trading activities of OFG Bancorp's executives and are available for public viewing on the SEC's website.
InvestingPro Insights
As OFG Bancorp (NYSE:OFG) makes headlines with insider trading activity, investors are closely watching its stock performance and financial metrics. According to InvestingPro data, OFG Bancorp currently has a market capitalization of approximately $1.71 billion and is trading at a P/E ratio of 9.49, which is adjusted to 9.28 for the last twelve months as of Q4 2023. This relatively low P/E ratio suggests that the stock may be undervalued in relation to the company's near-term earnings growth.
The company's revenue has grown by 6.62% over the last twelve months as of Q4 2023, reflecting a steady increase in its financial performance. Additionally, the company boasts a strong operating income margin of 44.25% for the same period, indicating efficient management of its operations and profitability.
InvestingPro Tips highlight that OFG Bancorp has raised its dividend for 3 consecutive years and has maintained dividend payments for 33 consecutive years, demonstrating a commitment to returning value to shareholders. Furthermore, analysts have revised their earnings estimates upwards for the upcoming period, reflecting optimism about the company's future performance. With a dividend yield of 2.77% as of the latest data, OFG Bancorp appears to be an attractive option for income-focused investors.
For those interested in further insights, there are additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/OFG. These tips can provide more in-depth analysis and data to help investors make informed decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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