Form 4: OFG Bancorp Executive Ganesh Kumar Reports Stock Transactions
SEC Form 4 Filing
Ganesh Kumar, Chief Strategy Officer at OFG Bancorp, reports the vesting of restricted stock units and subsequent tax withholding.
Summary
- Ganesh Kumar, Chief Strategy Officer of OFG Bancorp, filed a Form 4 detailing changes in his beneficial ownership of OFG Bancorp stock on February 26, 2024.
- The transactions involve the vesting of restricted stock units (RUs) and the subsequent withholding of shares to cover applicable taxes.
- Specifically, 6,484, 4,217, and 4,233 restricted units converted to common stock.
- A total of 2,293, 1,491, and 1,497 shares of common stock were withheld for tax payments at prices of $35.55, $35.48, and $35.71 respectively.
- Following these transactions, Kumar directly owns 153,573 shares of OFG Bancorp common stock, along with 21,134, 16,917, and 12,684 restricted units from previous grants.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, and carries a neutral sentiment.
Industry Context
Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect routine executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| June 29 2022 | Date of Ganesh Kumar's Limited Power of Attorney for Section 16 Reporting Obligations |
| February 17, 2021 | Date of grant of Restricted Units, 34% of which are represented in this filing. |
| February 22, 2022 | Date of grant of Restricted Units, 33% of which are represented in this filing. |
| February 21, 2023 | Date of grant of Restricted Units, 33% of which are represented in this filing. |
| February 26, 2024 | Date of the reported transactions (vesting of restricted stock units and tax withholding). |
| February 28, 2024 | Date of signature on the Form 4 filing. |
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