Y Intercept Hong Kong Ltd Purchases New Shares in OFG Bancorp $OFG

Y Intercept Hong Kong Ltd bought a new position in shares of OFG Bancorp (NYSE:OFG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 42,901 shares of the bank’s stock, valued at approximately $1,866,000. Y Intercept Hong Kong Ltd owned approximately 0.10% of OFG Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Royal Bank of Canada increased its position in OFG Bancorp by 8.8% during the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after acquiring an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 purchasing an additional 552 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of OFG Bancorp by 5.0% during the second quarter. State of Alaska Department of Revenue now owns 26,707 shares of the bank’s stock worth $1,142,000 after purchasing an additional 1,275 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of OFG Bancorp by 9.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,868 shares of the bank’s stock valued at $1,749,000 after buying an additional 3,465 shares in the last quarter. Finally, KLP Kapitalforvaltning AS raised its position in shares of OFG Bancorp by 120.7% in the second quarter. KLP Kapitalforvaltning AS now owns 19,200 shares of the bank’s stock valued at $827,000 after buying an additional 10,500 shares in the last quarter. Institutional investors own 92.73% of the company’s stock.

Insider Activity

In related news, insider Cesar A. Ortiz sold 5,500 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 351 shares of the company’s stock, valued at approximately $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 in the last three months. Insiders own 3.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OFG. Weiss Ratings reissued a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. UBS Group set a $50.00 target price on OFG Bancorp in a report on Thursday, October 9th. Truist Financial decreased their price target on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company reduced their price objective on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Trading Up 5.3%

Shares of OFG stock opened at $39.74 on Friday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 8.68 and a beta of 0.77. The company’s fifty day simple moving average is $40.88 and its two-hundred day simple moving average is $42.00. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the company posted $1.09 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 12% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is 26.20%.

About OFG Bancorp

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.