Legal & General Group Plc Acquires Shares of 94,783 OFG Bancorp $OFG

Legal & General Group Plc bought a new position in OFG Bancorp (NYSE:OFG) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 94,783 shares of the bank’s stock, valued at approximately $4,651,000.

Other institutional investors have also recently modified their holdings of the company. Allworth Financial LP bought a new position in shares of OFG Bancorp during the second quarter valued at $31,000. Quarry LP purchased a new stake in OFG Bancorp during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its stake in 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 purchasing an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new stake in OFG Bancorp during the 2nd quarter valued at about $97,000. Finally, Quantbot Technologies LP purchased a new position in OFG Bancorp in the second quarter worth about $162,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Néstor de Jesús sold 4,000 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,352 shares of company stock valued at $3,491,362 in the last ninety days. 1.23% of the stock is currently owned by company insiders.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $52.69 on Friday. The firm’s 50-day moving average price is $51.63 and its 200-day moving average price is $46.29. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $54.47. The company has a market cap of $2.23 billion, a PE ratio of 10.37 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating 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 firm had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. During the same period in the previous year, the company earned $1.15 earnings per share. As a group, analysts anticipate that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on OFG shares. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Truist Financial boosted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. Finally, Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus 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.