Annette Franqui Acquires 1,540 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) Director Annette Franqui bought 1,540 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were bought at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the transaction, the director directly owned 3,440 shares of the company’s stock, valued at $144,686.40. This trade represents a 81.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

OFG Bancorp Stock Performance

NYSE OFG opened at $42.65 on Friday. The company’s fifty day moving average is $41.25 and its two-hundred day moving average is $41.76. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.31 and a beta of 0.75.

OFG Bancorp (NYSE:OFG) last released its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same quarter last year, the company earned $1.09 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Equities research analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is 30.57%.

OFG Bancorp announced that its board has initiated a share repurchase plan on Wednesday, January 28th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 12% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Piper Sandler began coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price objective for the company. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Wells Fargo & Company dropped their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Finally, Truist Financial cut their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.83.

Institutional Trading of OFG Bancorp

Several large investors have recently added to or reduced their stakes in OFG. Quarry LP acquired a new stake in shares of OFG Bancorp during the third quarter worth approximately $35,000. Wealth Enhancement Advisory Services LLC bought a new stake in OFG Bancorp during the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC increased its holdings in OFG Bancorp by 250.0% during the 2nd 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 in the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp in the 2nd quarter valued at $97,000. Finally, Quantbot Technologies LP acquired a new position in OFG Bancorp in the second quarter worth $162,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Company 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.