First Trust Advisors LP Boosts Stock Holdings in OFG Bancorp $OFG

First Trust Advisors LP raised its position in shares of OFG Bancorp (NYSE:OFG) by 6.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,875,513 shares of the bank’s stock after acquiring an additional 113,868 shares during the quarter. First Trust Advisors LP owned approximately 4.27% of OFG Bancorp worth $81,566,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of OFG Bancorp during the third quarter worth approximately $53,000. EverSource Wealth Advisors LLC boosted its stake in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in OFG Bancorp during the 2nd quarter worth $97,000. Quantbot Technologies LP purchased a new stake in shares of OFG Bancorp during the second quarter worth $162,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of OFG Bancorp during the third quarter worth $221,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Trading Down 0.6%

Shares of OFG opened at $38.96 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.87 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. The firm has a 50-day moving average price of $40.89 and a 200 day moving average price of $41.59. The firm has a market capitalization of $1.66 billion, a P/E ratio of 8.51 and a beta of 0.74.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same period last year, the business earned $1.09 earnings per share. OFG Bancorp’s revenue was up 1.9% compared to the same quarter last year. Sell-side analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s payout ratio is 26.20%.

OFG Bancorp announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 28th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to purchase up to 12% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the sale, the director owned 22,690 shares of the company’s stock, valued at approximately $960,013.90. The trade was a 8.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $42.17, for a total value of $231,935.00. Following the completion of the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.23% of the company’s stock.

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.