Denali Advisors LLC Makes New $1.23 Million Investment in OFG Bancorp (NYSE:OFG)

Denali Advisors LLC bought a new position in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, HoldingsChannel reports. The firm bought 32,900 shares of the bank’s stock, valued at approximately $1,232,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OFG. New Millennium Group LLC bought a new position in OFG Bancorp during the 2nd quarter worth about $30,000. CWM LLC lifted its position in shares of OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after buying an additional 1,112 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of OFG Bancorp during the second quarter valued at about $90,000. EntryPoint Capital LLC purchased a new stake in shares of OFG Bancorp during the first quarter valued at about $121,000. Finally, Lazard Asset Management LLC lifted its position in shares of OFG Bancorp by 206.6% during the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock valued at $153,000 after buying an additional 2,804 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock opened at $44.28 on Tuesday. The firm has a market capitalization of $2.06 billion, a P/E ratio of 11.32 and a beta of 0.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average price of $43.37 and a 200 day moving average price of $38.89. OFG Bancorp has a 52 week low of $28.18 and a 52 week high of $47.57.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $0.96 by $0.12. The firm had revenue of $179.40 million during the quarter, compared to analyst estimates of $176.09 million. OFG Bancorp had a net margin of 22.95% and a return on equity of 16.25%. OFG Bancorp’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $0.93 EPS. Sell-side analysts expect that OFG Bancorp will post 4.27 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Monday, September 30th. OFG Bancorp’s dividend payout ratio is presently 25.58%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of OFG Bancorp stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the completion of the sale, the director now directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Hovde Group increased their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Piper Sandler assumed coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price target for the company. Finally, Wells Fargo & Company increased their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.