LSV Asset Management Raises Position in OFG Bancorp $OFG

LSV Asset Management boosted its position in shares of OFG Bancorp (NYSE:OFG) by 4.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,350,024 shares of the bank’s stock after buying an additional 56,400 shares during the period. LSV Asset Management owned 3.03% of OFG Bancorp worth $58,713,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of OFG Bancorp during the third quarter worth approximately $53,000. EverSource Wealth Advisors LLC boosted its stake in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the second quarter worth $97,000. Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $162,000. Finally, Smith Shellnut Wilson LLC ADV acquired a new stake in shares of OFG Bancorp in the second quarter valued at about $209,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on OFG. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Wells Fargo & Company decreased their target price 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. Truist Financial dropped their price target on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Finally, Piper Sandler started coverage on OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Stock Up 0.2%

OFG stock opened at $42.14 on Friday. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11. The firm has a market cap of $1.85 billion, a PE ratio of 9.20 and a beta of 0.75. The firm’s 50 day moving average price is $41.14 and its 200-day moving average price is $41.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.11. The company had revenue of $185.37 million during the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.During the same period in the prior year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio is 26.20%.

OFG Bancorp announced that its board has authorized a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to buy up to 12% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director directly owned 22,690 shares in the company, valued at $960,013.90. This trade represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the insider directly owned 351 shares in the company, valued at $14,801.67. This trade represents a 94.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.11% of the stock is currently owned by company insiders.

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.