Prudential Financial Inc. Has $4.72 Million Position in OFG Bancorp $OFG

Prudential Financial Inc. lifted its holdings in OFG Bancorp (NYSE:OFG) by 1.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 110,168 shares of the bank’s stock after buying an additional 2,019 shares during the period. Prudential Financial Inc.’s holdings in OFG Bancorp were worth $4,715,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP grew its stake in OFG Bancorp by 458.9% during the first quarter. Quarry LP now owns 2,666 shares of the bank’s stock worth $107,000 after purchasing an additional 2,189 shares during the period. Smith Shellnut Wilson LLC ADV acquired a new position in OFG Bancorp in the second quarter valued at approximately $209,000. Vident Advisory LLC bought a new position in shares of OFG Bancorp during the 1st quarter worth approximately $210,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $218,000. Finally, Magnetar Financial LLC acquired a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $232,000. Institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer owned 184,675 shares in the company, valued at $7,562,441.25. This represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jorge Colon sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the transaction, the director directly owned 27,543 shares in the company, valued at $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 55,000 shares of company stock worth $2,247,747. Company insiders own 3.11% of the company’s stock.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $39.73 on Monday. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 9.03 and a beta of 0.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.85. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.54. The firm’s 50-day simple moving average is $41.12 and its 200 day simple moving average is $42.40.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, hitting analysts’ consensus estimates of $1.16. OFG Bancorp had a return on equity of 15.18% and a net margin of 22.26%.The firm had revenue of $186.18 million during the quarter, compared to analyst estimates of $186.71 million. During the same period in the previous year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 27.27%.

Analyst Ratings Changes

OFG has been the topic of several research analyst reports. Zacks Research raised shares of OFG Bancorp to a “hold” rating in a research note on Friday, October 10th. Keefe, Bruyette & Woods dropped their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Tuesday, November 25th. UBS Group set a $50.00 price target on OFG Bancorp in a research note on Thursday, October 9th. Finally, Truist Financial cut their price target on OFG Bancorp from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Thursday, October 23rd. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.17.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.