Man Group plc Acquires Shares of 184,424 OFG Bancorp $OFG

Man Group plc bought a new stake in shares of OFG Bancorp (NYSE:OFG) in the second quarter, HoldingsChannel reports. The institutional investor bought 184,424 shares of the bank’s stock, valued at approximately $9,050,000.

Several other large investors also recently modified their holdings of OFG. Allworth Financial LP acquired a new position in OFG Bancorp in the second quarter valued at about $31,000. Quarry LP acquired a new stake in OFG Bancorp during the third quarter worth about $35,000. EverSource Wealth Advisors LLC grew its stake in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying 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 about $97,000. Finally, Royal Bank of Canada increased its holdings in OFG Bancorp by 80.2% in the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after buying an additional 1,736 shares during the period. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $52.52 on Friday. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. 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 business’s 50-day moving average price is $51.29 and its two-hundred day moving average price is $45.97. The stock has a market cap of $2.22 billion, a PE ratio of 10.34 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to the consensus estimate 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 previous year, the firm earned $1.15 earnings per share. As a group, analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the sale, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 in the last three months. 1.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OFG. Keefe, Bruyette & Woods upped their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Benchmark began coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. 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 note on Wednesday, July 22nd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, OFG Bancorp presently has an average rating of “Moderate Buy” and an average price target of $55.20.

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.