OFG Bancorp $OFG Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in OFG Bancorp (NYSE:OFG) by 4.8% during the third quarter, HoldingsChannel reports. The firm owned 608,572 shares of the bank’s stock after buying an additional 28,114 shares during the period. JPMorgan Chase & Co.’s holdings in OFG Bancorp were worth $26,467,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in OFG. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of OFG Bancorp by 4.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after buying an additional 396 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in OFG Bancorp by 1.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 500 shares during the last quarter. California State Teachers Retirement System raised its stake in OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after acquiring an additional 506 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in OFG Bancorp by 5.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock worth $494,000 after acquiring an additional 547 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 valued at $1,069,000 after purchasing an additional 552 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OFG has been the subject of several analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler started coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Finally, Truist Financial reduced their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.83.

Insider Activity at OFG Bancorp

In related news, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the transaction, the insider directly owned 351 shares in the company, valued at $14,801.67. The trade was a 94.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Annette Franqui bought 1,540 shares of OFG Bancorp stock in a transaction that occurred on Friday, February 20th. The stock was bought at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the purchase, the director owned 3,440 shares in the company, valued at $144,686.40. This represents a 81.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.11% of the stock is owned by corporate insiders.

OFG Bancorp Price Performance

OFG stock opened at $40.09 on Friday. The firm has a 50 day moving average of $41.13 and a 200-day moving average of $41.73. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 8.75 and a beta of 0.75. 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 released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.11. The firm had revenue of $185.37 million during the quarter, compared to the consensus estimate 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 business posted $1.09 EPS. As a group, equities analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a dividend yield of 3.5%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is presently 26.20%.

OFG Bancorp announced that its board has approved a share repurchase plan on Wednesday, January 28th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 12% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

OFG Bancorp Company 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.