Raffles Associates LP Purchases Shares of 102,067 OFG Bancorp $OFG

Raffles Associates LP acquired a new stake in OFG Bancorp (NYSE:OFG) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 102,067 shares of the bank’s stock, valued at approximately $5,008,000. OFG Bancorp makes up approximately 4.5% of Raffles Associates LP’s investment portfolio, making the stock its 6th largest position. Raffles Associates LP owned approximately 0.24% of OFG Bancorp as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of OFG Bancorp during the second quarter valued at approximately $302,289,000. Dimensional Fund Advisors LP raised its holdings in OFG Bancorp by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after buying an additional 27,774 shares during the last quarter. First Trust Advisors LP raised its holdings in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after buying an additional 281,593 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after buying an additional 13,121 shares during the period. Finally, Millennium Management LLC boosted its position in OFG Bancorp by 7.8% during the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after buying an additional 57,572 shares during the period. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Down 0.4%

Shares of NYSE OFG opened at $52.14 on Wednesday. The firm has a fifty day simple moving average of $50.95 and a two-hundred day simple moving average of $45.77. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47. 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 firm has a market capitalization of $2.20 billion, a PE ratio of 10.26 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share 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 firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the previous year, the firm posted $1.15 EPS. Equities analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” 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 research note on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Piper Sandler set a $56.00 price target on OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Benchmark began coverage on OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and an average price target of $55.20.

Insiders Place Their Bets

In other news, Director Jesus Nestor De sold 4,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares in the company, valued at $8,006,859.65. This represents a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 66,352 shares of company stock worth $3,491,362. Company 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.