6,160,369 Shares in OFG Bancorp $OFG Bought by BlackRock Inc.

BlackRock Inc. acquired a new stake in OFG Bancorp (NYSE:OFG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,160,369 shares of the bank’s stock, valued at approximately $302,289,000. BlackRock Inc. owned 0.15% of OFG Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after buying an additional 27,774 shares during the last quarter. First Trust Advisors LP raised its stake in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after acquiring an additional 281,593 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after acquiring an additional 13,121 shares during the last quarter. Millennium Management LLC lifted its position in OFG Bancorp by 7.8% during the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after acquiring an additional 57,572 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after acquiring an additional 133,046 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’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 transaction of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jesus Nestor De sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director owned 20,040 shares in the company, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 66,352 shares of company stock valued at $3,491,362 in the last quarter. 1.23% of the stock is currently owned by corporate insiders.

OFG Bancorp Stock Performance

NYSE:OFG opened at $52.29 on Thursday. The firm’s fifty day simple moving average is $51.07 and its 200-day simple moving average is $45.85. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.21 billion, a PE ratio of 10.29 and a beta of 0.69. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47.

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

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OFG shares. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Truist Financial lifted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Finally, Wells Fargo & Company upped their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.20.

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.