Vest Financial LLC Raises Stock Position in OFG Bancorp $OFG

Vest Financial LLC boosted its stake in shares of OFG Bancorp (NYSE:OFG) by 16.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 141,076 shares of the bank’s stock after purchasing an additional 20,020 shares during the period. Vest Financial LLC’s holdings in OFG Bancorp were worth $5,781,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of OFG. Qube Research & Technologies Ltd raised its position in shares of OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after purchasing an additional 133,046 shares during the last quarter. First Trust Advisors LP increased its stake in OFG Bancorp by 6.5% during the 3rd 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. American Century Companies Inc. increased its stake in OFG Bancorp by 8.1% during the 3rd quarter. American Century Companies Inc. now owns 1,458,026 shares of the bank’s stock worth $63,410,000 after buying an additional 108,635 shares in the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of OFG Bancorp during the third quarter valued at approximately $4,272,000. Finally, Jane Street Group LLC lifted its position in shares of OFG Bancorp by 518.1% in the second quarter. Jane Street Group LLC now owns 109,427 shares of the bank’s stock valued at $4,683,000 after acquiring an additional 91,723 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Up 0.0%

Shares of OFG Bancorp stock opened at $45.87 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.86 and a quick ratio of 0.87. The stock’s 50 day simple moving average is $41.39 and its 200-day simple moving average is $40.99. The stock has a market cap of $1.95 billion, a P/E ratio of 9.46 and a beta of 0.67. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $46.85.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Tuesday, April 21st. The bank reported $1.26 EPS for the quarter, beating the consensus estimate of $1.02 by $0.24. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million during the quarter, compared to analysts’ expectations of $179.16 million. During the same quarter last year, the firm earned $1.00 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts predict that OFG Bancorp will post 4.68 EPS for the current fiscal year.

OFG Bancorp announced that its board has initiated a stock buyback program on Wednesday, January 28th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to purchase up to 12% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.1%. OFG Bancorp’s dividend payout ratio (DPR) is 28.93%.

Insider Activity at OFG Bancorp

In related news, Director Annette Franqui purchased 1,540 shares of OFG Bancorp stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the acquisition, the director directly owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on OFG shares. Keefe, Bruyette & Woods reaffirmed 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. Piper Sandler restated a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a report on Wednesday, April 22nd. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Finally, Truist Financial increased their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $47.20.

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.