Empowered Funds LLC lifted its holdings in OFG Bancorp (NYSE:OFG – Free Report) by 19.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 212,358 shares of the bank’s stock after buying an additional 35,269 shares during the quarter. Empowered Funds LLC’s holdings in OFG Bancorp were worth $8,592,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of OFG. Quantinno Capital Management LP grew its position in OFG Bancorp by 49.6% in the 1st quarter. Quantinno Capital Management LP now owns 8,473 shares of the bank’s stock valued at $343,000 after acquiring an additional 2,808 shares during the last quarter. Jacobs Asset Management LLC increased its stake in OFG Bancorp by 13.5% in the first quarter. Jacobs Asset Management LLC now owns 90,000 shares of the bank’s stock worth $3,641,000 after purchasing an additional 10,670 shares during the period. Inceptionr LLC lifted its position in shares of OFG Bancorp by 138.3% during the first quarter. Inceptionr LLC now owns 13,628 shares of the bank’s stock worth $551,000 after purchasing an additional 7,908 shares during the last quarter. Sei Investments Co. lifted its position in shares of OFG Bancorp by 16.4% during the first quarter. Sei Investments Co. now owns 112,872 shares of the bank’s stock worth $4,567,000 after purchasing an additional 15,926 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of OFG Bancorp by 13.8% during the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after purchasing an additional 281,593 shares during the period. 92.73% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on OFG. Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company lifted their price objective on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Finally, Keefe, Bruyette & Woods upped their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.00.
Insiders Place Their Bets
In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.23% of the stock is currently owned by insiders.
OFG Bancorp Stock Up 0.8%
OFG Bancorp stock opened at $52.92 on Friday. The business has a fifty day moving average of $48.72 and a two-hundred day moving average of $44.24. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.24 billion, a P/E ratio of 10.42 and a beta of 0.70. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.30.
OFG Bancorp (NYSE:OFG – Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.32 million for the quarter, compared to analysts’ expectations of $182.64 million. During the same quarter last year, the firm earned $1.15 EPS. On average, analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.
OFG Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.
About OFG Bancorp
OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.
In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.
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