102,067 Shares in OFG Bancorp $OFG Purchased by Raffles Associates LP

Raffles Associates LP purchased a new stake in shares of OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 102,067 shares of the bank’s stock, valued at approximately $5,008,000. OFG Bancorp accounts for approximately 4.1% of Raffles Associates LP’s portfolio, making the stock its 7th largest position. Raffles Associates LP owned 0.24% of OFG Bancorp at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Unison Advisors LLC grew its holdings in OFG Bancorp by 0.7% in the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after purchasing an additional 221 shares during the period. Trexquant Investment LP lifted its holdings in shares of OFG Bancorp by 0.4% during the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after purchasing an additional 446 shares during the last quarter. Polymer Capital Management US LLC lifted its holdings in shares of OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after purchasing an additional 466 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of OFG Bancorp by 1.2% in the 2nd 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 66,352 shares of company stock valued at $3,491,362. Corporate insiders own 1.23% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on OFG. Truist Financial raised their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Wells Fargo & Company increased their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Finally, Keefe, Bruyette & Woods raised their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. One investment 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, OFG Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $55.20.

OFG Bancorp Trading Down 0.4%

Shares of NYSE OFG opened at $52.02 on Friday. The firm’s 50 day moving average price is $51.17 and its 200-day moving average price is $45.93. OFG Bancorp has a 52-week low of $35.71 and a 52-week 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 company has a market cap of $2.20 billion, a PE ratio of 10.24 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last announced its quarterly 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. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same quarter last year, the firm earned $1.15 earnings per share. On average, equities research analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

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.