GSA Capital Partners LLP Makes New Investment in OFG Bancorp $OFG

GSA Capital Partners LLP purchased a new position in OFG Bancorp (NYSE:OFG) in the 2nd quarter, Holdings Channel reports. The firm purchased 32,788 shares of the bank’s stock, valued at approximately $1,609,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Summit Global Investments purchased a new stake in shares of OFG Bancorp during the second quarter valued at $1,407,000. Carolina Wealth Advisors LLC bought a new position in OFG Bancorp during the 2nd quarter valued at about $320,000. Empowered Funds LLC lifted its stake in OFG Bancorp by 19.9% during the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after acquiring an additional 35,269 shares during the period. Bank of America Corp DE lifted its stake in OFG Bancorp by 28.4% during the 1st quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock valued at $5,361,000 after acquiring an additional 29,269 shares during the period. Finally, Amundi boosted its holdings in shares of OFG Bancorp by 140.7% during the 1st quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after acquiring an additional 9,357 shares during the last quarter. 92.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on OFG shares. Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Truist Financial boosted their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods increased 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 research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Stock Performance

OFG opened at $53.88 on Monday. The company’s 50 day moving average is $50.23 and its 200 day moving average is $45.15. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $53.98.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The business had revenue of $190.28 million during the quarter, compared to analysts’ expectations of $182.64 million. During the same period in the prior year, the company earned $1.15 earnings per share. On average, equities research analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Transactions at OFG Bancorp

In other news, Director Jesus Nestor De sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares in the company, valued at $1,062,120. This represents a 16.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm’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 directly owned 56,684 shares in the company, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 66,352 shares of company stock worth $3,491,362 in the last three months. Corporate insiders own 1.23% of the company’s stock.

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.