JPMorgan Chase & Co. Boosts Stake in OFG Bancorp $OFG

JPMorgan Chase & Co. boosted its stake in OFG Bancorp (NYSE:OFG) by 4.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 608,572 shares of the bank’s stock after purchasing an additional 28,114 shares during the period. JPMorgan Chase & Co. owned about 1.37% of OFG Bancorp worth $26,467,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in OFG. Police & Firemen s Retirement System of New Jersey grew its stake in shares of OFG Bancorp by 4.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after buying an additional 396 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in OFG Bancorp by 1.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 500 shares during the period. California State Teachers Retirement System boosted its holdings in OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after acquiring an additional 506 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in OFG Bancorp by 5.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock valued at $494,000 after acquiring an additional 547 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in OFG Bancorp by 2.1% during the first 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 during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at OFG Bancorp

In related news, insider Cesar A. Ortiz sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the transaction, the insider owned 351 shares in the company, valued at $14,801.67. This trade represents a 94.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the transaction, the director directly owned 22,690 shares in the company, valued at approximately $960,013.90. This trade represents a 8.10% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.11% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on OFG shares. Truist Financial cut their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Piper Sandler began coverage on OFG Bancorp in a research note on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price for the company. Finally, Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Price Performance

OFG stock opened at $40.09 on Friday. The business has a 50 day moving average price of $41.13 and a 200 day moving average price of $41.73. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of 8.75 and a beta of 0.75. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $46.11.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company had revenue of $185.37 million for the quarter, compared to analysts’ expectations of $184.17 million. During the same quarter last year, the company earned $1.09 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Equities research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp declared that its Board of Directors has approved a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a $0.35 dividend. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s payout ratio is currently 26.20%.

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.