OFG Bancorp $OFG Shares Acquired by Gator Capital Management LLC

Gator Capital Management LLC grew its position in OFG Bancorp (NYSE:OFG) by 15.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,170 shares of the bank’s stock after acquiring an additional 30,740 shares during the quarter. OFG Bancorp comprises 2.6% of Gator Capital Management LLC’s holdings, making the stock its 14th largest position. Gator Capital Management LLC’s holdings in OFG Bancorp were worth $10,141,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in OFG Bancorp by 52.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 44,092 shares of the bank’s stock valued at $1,918,000 after purchasing an additional 15,148 shares during the last quarter. Franklin Resources Inc. boosted its stake in OFG Bancorp by 1.7% during the 3rd quarter. Franklin Resources Inc. now owns 142,175 shares of the bank’s stock worth $6,183,000 after purchasing an additional 2,327 shares during the last quarter. Magnetar Financial LLC boosted its stake in OFG Bancorp by 130.1% during the 3rd quarter. Magnetar Financial LLC now owns 12,450 shares of the bank’s stock worth $541,000 after purchasing an additional 7,039 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of OFG Bancorp by 4.4% during the third quarter. Russell Investments Group Ltd. now owns 250,547 shares of the bank’s stock worth $10,896,000 after buying an additional 10,657 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of OFG Bancorp by 6.5% during the third quarter. First Trust Advisors LP now owns 1,875,513 shares of the bank’s stock worth $81,566,000 after buying an additional 113,868 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Truist Financial decreased 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 note on Monday, January 26th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Finally, Piper Sandler began coverage on OFG Bancorp in a research report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Stock Up 0.4%

Shares of NYSE:OFG opened at $39.20 on Friday. OFG Bancorp has a 1-year low of $33.15 and a 1-year high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $1.67 billion, a P/E ratio of 8.56 and a beta of 0.74. The firm has a fifty day moving average price of $40.78 and a 200 day moving average price of $41.52.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same period in the prior year, the company earned $1.09 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. Sell-side analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

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 given a $0.35 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.6%. OFG Bancorp’s payout ratio is presently 26.20%.

OFG Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 28th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 12% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the transaction, the director directly owned 22,690 shares in the company, valued at approximately $960,013.90. This trade represents a 8.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cesar A. Ortiz sold 5,500 shares of the business’s stock in a transaction that occurred 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 directly owned 351 shares in the company, valued at approximately $14,801.67. The trade was a 94.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.23% of the stock is owned by company insiders.

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.