Jupiter Topco LLC Makes New Investment in OFG Bancorp $OFG

Jupiter Topco LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 429,854 shares of the bank’s stock, valued at approximately $21,094,000. Jupiter Topco LLC owned approximately 1.02% of OFG Bancorp at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in OFG Bancorp in the 2nd quarter valued at about $31,000. Quarry LP purchased a new stake in shares of OFG Bancorp during the third quarter worth about $35,000. EverSource Wealth Advisors LLC raised its position in shares of OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp in the second quarter valued at approximately $97,000. Finally, Quantbot Technologies LP purchased a new position in shares of OFG Bancorp during the second quarter valued at approximately $162,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Truist Financial lifted their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company increased their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.20.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the transaction, the director owned 20,040 shares in the company, valued at $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 56,684 shares of the company’s stock, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,352 shares of company stock valued at $3,491,362 over the last three months. 1.23% of the stock is owned by company insiders.

OFG Bancorp Trading Up 0.8%

NYSE OFG opened at $52.52 on Friday. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47. The company’s 50 day moving average price is $51.29 and its 200 day moving average price is $45.97.

OFG Bancorp (NYSE:OFG) last issued 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. The business had revenue of $190.28 million for the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same quarter last year, the firm posted $1.15 EPS. On average, sell-side analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The business 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 $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

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.