OFG Bancorp $OFG Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lowered its stake in OFG Bancorp (NYSE:OFG) by 63.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,823 shares of the bank’s stock after selling 123,283 shares during the period. Intech Investment Management LLC owned about 0.16% of OFG Bancorp worth $3,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in OFG. First Trust Advisors LP increased its stake in shares of OFG Bancorp by 0.7% during the second quarter. First Trust Advisors LP now owns 1,761,645 shares of the bank’s stock worth $75,398,000 after buying an additional 12,369 shares during the period. LSV Asset Management lifted its stake in OFG Bancorp by 4.4% in the third quarter. LSV Asset Management now owns 1,350,024 shares of the bank’s stock worth $58,713,000 after acquiring an additional 56,400 shares during the last quarter. American Century Companies Inc. grew its holdings in OFG Bancorp by 6.2% during the 2nd quarter. American Century Companies Inc. now owns 1,349,391 shares of the bank’s stock worth $57,754,000 after acquiring an additional 78,787 shares in the last quarter. Geode Capital Management LLC increased its position in shares of OFG Bancorp by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock valued at $47,548,000 after purchasing an additional 6,241 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of OFG Bancorp by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after purchasing an additional 28,114 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Up 1.2%

Shares of NYSE OFG opened at $40.57 on Tuesday. The stock has a market cap of $1.75 billion, a PE ratio of 8.86 and a beta of 0.75. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The business has a 50-day moving average price of $41.10 and a 200 day moving average price of $41.70.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The company had revenue of $185.37 million for the quarter, compared to analyst estimates of $184.17 million. During the same quarter in the previous year, the company posted $1.09 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its board has approved a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 12% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The firm also recently declared 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. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.5%. OFG Bancorp’s payout ratio is currently 30.57%.

Insider Activity at OFG Bancorp

In related news, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the sale, the insider owned 351 shares in the company, valued at $14,801.67. This represents a 94.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Annette Franqui acquired 1,540 shares of the stock in a transaction on Friday, February 20th. The shares were acquired at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the transaction, the director directly owned 3,440 shares in the company, valued at $144,686.40. The trade was a 81.05% increase in their position. The SEC filing for this purchase provides additional information. 3.11% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.