Gator Capital Management LLC Grows Stock Holdings in OFG Bancorp $OFG

Gator Capital Management LLC lifted its holdings in OFG Bancorp (NYSE:OFG) by 15.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 233,170 shares of the bank’s stock after acquiring an additional 30,740 shares during the quarter. OFG Bancorp accounts for 2.6% of Gator Capital Management LLC’s holdings, making the stock its 14th biggest position. Gator Capital Management LLC owned approximately 0.53% of OFG Bancorp worth $10,141,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions 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 raised its stake 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 valued at $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp during the 2nd quarter valued at about $97,000. Quantbot Technologies LP acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at about $162,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at about $218,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling

In other news, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the sale, the director owned 22,690 shares in the company, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Cesar A. Ortiz sold 5,500 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the sale, the insider directly owned 351 shares of the company’s stock, valued at $14,801.67. This represents a 94.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.23% of the stock is owned by insiders.

OFG Bancorp Price Performance

NYSE:OFG opened at $39.20 on Friday. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.67 billion, a PE ratio of 8.56 and a beta of 0.74. The stock’s 50-day moving average price is $40.78 and its 200-day moving average price is $41.52.

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

OFG Bancorp announced that its board has approved a stock buyback program on Wednesday, January 28th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to repurchase up to 12% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently declared 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%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is presently 26.20%.

Wall Street Analysts Forecast Growth

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

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.