Sei Investments Co. Buys 15,926 Shares of OFG Bancorp $OFG

Sei Investments Co. increased its stake in shares of OFG Bancorp (NYSE:OFG) by 16.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,872 shares of the bank’s stock after purchasing an additional 15,926 shares during the quarter. Sei Investments Co. owned about 0.27% of OFG Bancorp worth $4,567,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Trust Advisors LP boosted its position in OFG Bancorp by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after buying an additional 281,593 shares during the last quarter. Summit Global Investments raised its stake in shares of OFG Bancorp by 32.5% during the first quarter. Summit Global Investments now owns 29,441 shares of the bank’s stock worth $1,191,000 after buying an additional 7,226 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after buying an additional 27,774 shares during the last quarter. Arcus Capital Partners LLC acquired a new position in OFG Bancorp in the first quarter valued at approximately $206,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in OFG Bancorp by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 18,842 shares of the bank’s stock valued at $762,000 after acquiring an additional 1,943 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 0.5%

OFG opened at $53.16 on Thursday. The firm’s fifty day moving average is $49.19 and its two-hundred day moving average is $44.52. The firm has a market cap of $2.25 billion, a PE ratio of 10.46 and a beta of 0.69. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $53.82. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) 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 company had revenue of $190.32 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the previous year, the business earned $1.15 EPS. Equities research analysts anticipate that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The firm also recently disclosed 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 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is 27.56%.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the transaction, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on OFG shares. Wells Fargo & Company increased their price target on OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Benchmark started coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating for the company. 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 report on Wednesday, July 22nd. Truist Financial increased their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, OFG Bancorp has an average rating of “Moderate Buy” and an average price target of $54.00.

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.