First Trust Advisors LP Grows Holdings in OFG Bancorp $OFG

First Trust Advisors LP increased its stake in shares of OFG Bancorp (NYSE:OFG) by 6.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,875,513 shares of the bank’s stock after purchasing an additional 113,868 shares during the period. First Trust Advisors LP’s holdings in OFG Bancorp were worth $81,566,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in OFG. American Century Companies Inc. raised its position in OFG Bancorp by 8.1% in the third quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock valued at $63,410,000 after purchasing an additional 108,635 shares during the period. LSV Asset Management boosted its position in shares of OFG Bancorp by 4.4% during the third quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after buying an additional 56,400 shares during the period. Geode Capital Management LLC boosted its position in shares of OFG Bancorp by 0.6% during the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock worth $47,548,000 after buying an additional 6,241 shares during the period. JPMorgan Chase & Co. grew its stake in shares of OFG Bancorp by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after buying an additional 28,114 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings 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 buying an additional 133,046 shares during the period. Institutional investors and hedge funds own 92.73% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial decreased their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler started coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price target on the stock. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Trading Down 0.6%

OFG opened at $38.96 on Tuesday. The business has a fifty day moving average price of $40.89 and a 200 day moving average price of $41.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.87. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 8.51 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. The company had revenue of $185.37 million for the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.OFG Bancorp’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 EPS. Sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.6%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio is 26.20%.

OFG Bancorp declared that its board has approved a stock repurchase plan on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 12% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of the company’s stock in a transaction on Friday, February 20th. The shares were bought at an average cost of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director owned 3,440 shares in the company, valued at approximately $144,686.40. This trade represents a 81.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the sale, the insider owned 351 shares in the company, valued at $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.23% of the stock is owned by corporate insiders.

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.