Denali Advisors LLC Grows Stake in OFG Bancorp $OFG

Denali Advisors LLC boosted its position in OFG Bancorp (NYSE:OFG) by 1,348.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 104,300 shares of the bank’s stock after purchasing an additional 97,100 shares during the period. Denali Advisors LLC’s holdings in OFG Bancorp were worth $5,118,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in OFG. Unison Advisors LLC grew its position in OFG Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock valued at $1,258,000 after buying an additional 221 shares during the period. Trexquant Investment LP increased its holdings in OFG Bancorp by 0.4% during the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after buying an additional 446 shares during the last quarter. Polymer Capital Management US LLC raised its position in OFG Bancorp by 5.6% in the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after acquiring an additional 466 shares during the period. California State Teachers Retirement System raised its position in OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after acquiring an additional 506 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after acquiring an additional 552 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Insider Transactions at OFG Bancorp

In other OFG Bancorp 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 transaction, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. This represents a 16.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. This represents a 25.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on OFG. Wells Fargo & Company boosted their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Benchmark began coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Finally, Truist Financial increased their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. One 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 company. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $55.20.

OFG Bancorp Trading Down 2.7%

Shares of OFG Bancorp stock opened at $51.60 on Thursday. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $50.59 and a 200-day moving average price of $45.45. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 10.16 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $182.64 million. During the same quarter last year, the business earned $1.15 earnings per share. Equities research analysts anticipate that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid 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 2.7%. OFG Bancorp’s dividend payout ratio is currently 27.56%.

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.