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% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,332 shares of the bank’s stock after purchasing an additional 13,551 shares during the period. Quantbot Technologies LP’s holdings in OFG Bancorp were worth $754,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC acquired a new stake in OFG Bancorp in the third quarter valued at $53,000. EverSource Wealth Advisors LLC boosted its position 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 acquiring an additional 1,095 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp during the 2nd quarter worth about $97,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at about $218,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of OFG Bancorp in the 3rd quarter valued at about $221,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jesus Nestor De sold 2,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the transaction, the director directly owned 22,690 shares in the company, valued at $960,013.90. The trade was a 8.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Annette Franqui acquired 1,540 shares of OFG Bancorp stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director owned 3,440 shares of the company’s stock, valued at $144,686.40. This trade represents a 81.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OFG shares. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Piper Sandler started 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. Truist Financial reduced their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Price Performance

Shares of OFG opened at $39.25 on Friday. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 8.57 and a beta of 0.74. 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 (NYSE:OFG) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.11. The firm had revenue of $185.37 million for 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%.The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. On average, equities research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its board has authorized a share buyback plan on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.6%. OFG Bancorp’s dividend payout ratio is presently 26.20%.

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.