Healthcare of Ontario Pension Plan Trust Fund Sells 63,276 Shares of OFG Bancorp $OFG

Healthcare of Ontario Pension Plan Trust Fund trimmed its holdings in shares of OFG Bancorp (NYSE:OFG – Free Report) by 49.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,814 shares of the bank’s stock after selling 63,276 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.16% of OFG Bancorp worth $2,663,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quarry LP acquired a new stake in shares of OFG Bancorp in the third quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its position in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp in the second quarter valued at approximately $97,000. Quantbot Technologies LP bought a new position in OFG Bancorp in the second quarter valued at approximately $162,000. Finally, Arcus Capital Partners LLC acquired a new position in shares of OFG Bancorp during the 1st quarter worth approximately $206,000. Institutional investors own 92.73% of the company’s stock.

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Insider Activity at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the transaction, the chief executive officer directly 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 this hyperlink. 1.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on OFG. Truist Financial increased their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Finally, Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Read Our Latest Stock Analysis on OFG

OFG Bancorp Stock Performance

OFG opened at $52.92 on Friday. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.30. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 10.42 and a beta of 0.70. The business has a 50 day moving average of $48.72 and a 200-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.

OFG Bancorp (NYSE:OFG – Get Free Report) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping 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 company had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the previous year, the company posted $1.15 EPS. On average, equities research analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s payout ratio is 27.56%.

OFG Bancorp Profile

(Free Report)

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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