Raffles Associates LP Invests $5.01 Million in OFG Bancorp $OFG

Raffles Associates LP acquired a new stake in shares of OFG Bancorp (NYSE:OFG) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 102,067 shares of the bank’s stock, valued at approximately $5,008,000. OFG Bancorp accounts for about 4.1% of Raffles Associates LP’s holdings, making the stock its 7th largest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE purchased a new stake in OFG Bancorp in the second quarter worth approximately $6,129,000. Man Group plc purchased a new stake in OFG Bancorp during the 2nd quarter valued at $9,050,000. Jupiter Topco LLC purchased a new stake in OFG Bancorp during the 2nd quarter valued at $21,094,000. Hsbc Holdings PLC bought a new position in shares of OFG Bancorp during the 2nd quarter valued at $380,000. Finally, PDT Partners LLC bought a new position in shares of OFG Bancorp during the 2nd quarter valued at $593,000. Institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling

In other OFG Bancorp news, Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is owned by company insiders.

OFG Bancorp Stock Down 0.4%

Shares of OFG stock opened at $52.02 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47. The stock has a market cap of $2.20 billion, a P/E ratio of 10.24 and a beta of 0.69. The company has a 50 day simple moving average of $51.17 and a two-hundred day simple moving average of $45.93.

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

OFG Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OFG. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Wells Fargo & Company raised their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Finally, Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday, July 22nd. 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 stock. According to data from MarketBeat, the company currently has a consensus 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.