216,017 Shares in OFG Bancorp $OFG Bought by Empowered Funds LLC

Empowered Funds LLC bought a new stake in shares of OFG Bancorp (NYSE:OFG) in the 2nd quarter, HoldingsChannel reports. The fund bought 216,017 shares of the bank’s stock, valued at approximately $10,600,000.

A number of other large investors also recently modified their holdings of OFG. Royal Bank of Canada grew its position in shares of OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after buying an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after acquiring an additional 552 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $162,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of OFG Bancorp by 63.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after purchasing an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Up 0.8%

OFG opened at $52.52 on Friday. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s fifty day moving average is $51.29 and its 200-day moving average is $45.97. The company has a market capitalization of $2.22 billion, a PE ratio of 10.34 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last announced its earnings results 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. The business had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter last year, the business posted $1.15 earnings per share. On average, equities analysts predict that OFG Bancorp will post 5.05 EPS for the current fiscal 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 given a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

Insider Transactions at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jesus Nestor De 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 sale, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 66,352 shares of company stock valued at $3,491,362 in the last quarter. Insiders own 1.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. 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 raised their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Truist Financial increased 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. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. One 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.