Summit Global Investments Acquires Shares of 28,664 OFG Bancorp $OFG

Summit Global Investments purchased a new stake in OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 28,664 shares of the bank’s stock, valued at approximately $1,407,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new position in OFG Bancorp in the third quarter valued at $35,000. EverSource Wealth Advisors LLC raised its holdings in shares of 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 acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Royal Bank of Canada lifted its position in shares of OFG Bancorp by 80.2% in the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after acquiring an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp in the second quarter worth approximately $162,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were 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 owned 56,684 shares in the company, valued at $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $53.88 on Friday. The firm has a 50 day moving average of $50.23 and a two-hundred day moving average of $45.10. The stock has a market capitalization of $2.28 billion, a PE ratio of 10.61 and a beta of 0.69. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 52 week low of $35.71 and a 52 week high of $53.98.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. The business had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the prior year, the company earned $1.15 earnings per share. On average, research analysts predict that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

OFG has been the subject of several research reports. Wells Fargo & Company boosted their price target on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Truist Financial upped their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Benchmark initiated coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.20.

About OFG Bancorp

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.