Vest Financial LLC Buys 23,312 Shares of OFG Bancorp $OFG

Vest Financial LLC increased its stake in OFG Bancorp (NYSE:OFG) by 23.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 121,056 shares of the bank’s stock after acquiring an additional 23,312 shares during the period. Vest Financial LLC’s holdings in OFG Bancorp were worth $5,265,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. First Trust Advisors LP grew its holdings in shares of OFG Bancorp by 0.7% during the 2nd quarter. First Trust Advisors LP now owns 1,761,645 shares of the bank’s stock worth $75,398,000 after acquiring an additional 12,369 shares during the period. American Century Companies Inc. boosted its position in shares of OFG Bancorp by 6.2% during the second quarter. American Century Companies Inc. now owns 1,349,391 shares of the bank’s stock valued at $57,754,000 after purchasing an additional 78,787 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of OFG Bancorp by 0.6% during the second 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 in the last quarter. Qube Research & Technologies Ltd grew its stake in OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after purchasing an additional 133,046 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in OFG Bancorp by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 431,037 shares of the bank’s stock worth $18,448,000 after purchasing an additional 4,645 shares in the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Up 3.9%

Shares of OFG Bancorp stock opened at $42.56 on Thursday. The company has a 50-day simple moving average of $41.09 and a two-hundred day simple moving average of $42.25. The stock has a market capitalization of $1.87 billion, a PE ratio of 9.67 and a beta of 0.77. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.85.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings results on Wednesday, October 22nd. The bank reported $1.16 EPS for the quarter, meeting analysts’ consensus estimates of $1.16. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The firm had revenue of $186.18 million for the quarter, compared to analysts’ expectations of $186.71 million. During the same quarter in the prior year, the company posted $1.00 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts anticipate that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.8%. The ex-dividend date was Wednesday, December 31st. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.27%.

Insiders Place Their Bets

In related news, Director Jorge Colon sold 25,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the sale, the director directly owned 27,543 shares of the company’s stock, valued at $1,125,131.55. This trade represents a 47.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the transaction, the chief executive officer directly owned 184,675 shares of the company’s stock, valued at approximately $7,562,441.25. This trade represents a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 in the last 90 days. 3.11% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on OFG. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Keefe, Bruyette & Woods dropped their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, October 23rd. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Truist Financial decreased their target price on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Thursday, October 23rd. Finally, Wells Fargo & Company dropped their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.67.

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.