OFG Bancorp $OFG Shares Bought by LSV Asset Management

LSV Asset Management lifted its position in OFG Bancorp (NYSE:OFG) by 4.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,350,024 shares of the bank’s stock after buying an additional 56,400 shares during the quarter. LSV Asset Management’s holdings in OFG Bancorp were worth $58,713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Police & Firemen s Retirement System of New Jersey boosted its holdings in OFG Bancorp by 4.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after acquiring an additional 396 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of OFG Bancorp by 1.5% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock worth $1,435,000 after purchasing an additional 500 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of OFG Bancorp by 1.2% during the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after purchasing an additional 506 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of OFG Bancorp by 5.0% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock valued at $494,000 after purchasing an additional 547 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 valued at $1,069,000 after purchasing an additional 552 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Activity at OFG Bancorp

In related news, Director Jesus Nestor De sold 2,000 shares of the company’s 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 completion of the transaction, the director directly owned 22,690 shares of the company’s stock, valued at $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the transaction, the insider owned 351 shares in the company, valued at $14,801.67. This represents a 94.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.11% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial reduced their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Wells Fargo & Company cut their price objective on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Finally, Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, OFG Bancorp presently has an average rating of “Hold” and an average price target of $45.83.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $42.14 on Friday. The company has a market cap of $1.85 billion, a P/E ratio of 9.20 and a beta of 0.75. The firm has a fifty day moving average price of $41.14 and a 200 day moving average price of $41.79. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. The company 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%.OFG Bancorp’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $1.09 earnings per share. Sell-side analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its Board of Directors has approved a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to purchase up to 12% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 3.3%. OFG Bancorp’s dividend payout ratio (DPR) 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.