Quantbot Technologies LP purchased a new position in shares of OFG Bancorp (NYSE:OFG – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,046 shares of the bank’s stock, valued at approximately $1,033,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in OFG Bancorp in the second quarter valued at $302,289,000. Deutsche Bank AG acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $20,652,000. Bank of New York Mellon Corp acquired a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $18,687,000. First Trust Advisors LP increased its stake in shares of OFG Bancorp by 13.8% in the 1st 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 in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after purchasing an additional 133,046 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on OFG shares. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Wells Fargo & Company upped their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Truist Financial lifted their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.20.
Insider Transactions at OFG Bancorp
In other news, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the transaction, the chief financial officer directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s 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 sale, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by company insiders.
OFG Bancorp Stock Performance
OFG Bancorp stock opened at $52.29 on Thursday. The firm has a 50 day simple moving average of $51.07 and a 200-day simple moving average of $45.85. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $54.47. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 10.29 and a beta of 0.69.
OFG Bancorp (NYSE:OFG – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. The firm had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period in the prior year, the firm posted $1.15 earnings per share. On average, analysts expect that OFG Bancorp will post 5.05 EPS for the current year.
OFG Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is 27.56%.
OFG Bancorp Profile
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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