OFG Bancorp $OFG Shares Acquired by Quantbot Technologies LP

Quantbot Technologies LP increased its position in shares of OFG Bancorp (NYSE:OFG) by 358.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,332 shares of the bank’s stock after buying an additional 13,551 shares during the quarter. Quantbot Technologies LP’s holdings in OFG Bancorp were worth $754,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new stake in OFG Bancorp in the third quarter valued at $53,000. EverSource Wealth Advisors LLC grew its holdings in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth about $97,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth about $218,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in OFG Bancorp in the 3rd quarter valued at about $221,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on OFG shares. Truist Financial decreased their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Piper Sandler assumed coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price target on the stock. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $45.83.

Insider Transactions at OFG Bancorp

In related news, Director Annette Franqui acquired 1,540 shares of OFG Bancorp stock in a transaction dated Friday, February 20th. The shares were acquired at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the purchase, the director owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the completion of the transaction, the insider owned 351 shares of the company’s stock, valued at approximately $14,801.67. This trade represents a 94.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Trading Down 1.9%

NYSE OFG opened at $39.25 on Friday. The firm has a 50 day simple moving average of $40.94 and a 200-day simple moving average of $41.63. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 8.57 and a beta of 0.74.

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

OFG Bancorp Increases Dividend

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

OFG Bancorp announced that its board has authorized a share buyback program 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 programs are usually a sign that the company’s board believes its shares are undervalued.

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.