GSA Capital Partners LLP Invests $1.61 Million in OFG Bancorp $OFG

GSA Capital Partners LLP acquired a new position in shares of OFG Bancorp (NYSE:OFG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 32,788 shares of the bank’s stock, valued at approximately $1,609,000. GSA Capital Partners LLP owned approximately 0.08% of OFG Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of OFG. Summit Global Investments purchased a new position in shares of OFG Bancorp during the second quarter valued at approximately $1,407,000. Carolina Wealth Advisors LLC purchased a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $320,000. Empowered Funds LLC lifted its holdings in OFG Bancorp by 19.9% during the first quarter. Empowered Funds LLC now owns 212,358 shares of the bank’s stock valued at $8,592,000 after purchasing an additional 35,269 shares during the last quarter. Bank of America Corp DE lifted its holdings in OFG Bancorp by 28.4% during the 1st quarter. Bank of America Corp DE now owns 132,507 shares of the bank’s stock worth $5,361,000 after purchasing an additional 29,269 shares in the last quarter. Finally, Amundi boosted its stake in OFG Bancorp by 140.7% during the first quarter. Amundi now owns 16,005 shares of the bank’s stock valued at $648,000 after buying an additional 9,357 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on OFG shares. Truist Financial boosted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Zacks Research raised OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Wells Fargo & Company upped their target price on OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Finally, Benchmark began coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, OFG Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $55.20.

OFG Bancorp Trading Down 0.1%

NYSE:OFG opened at $53.88 on Monday. The firm has a market capitalization of $2.28 billion, a P/E ratio of 10.61 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. OFG Bancorp has a one year low of $35.71 and a one year high of $53.98. The company’s 50-day simple moving average is $50.23 and its 200 day simple moving average is $45.15.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The firm had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. During the same period in the previous year, the firm posted $1.15 EPS. As a group, analysts forecast that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.56%.

Insider Transactions at OFG Bancorp

In other news, Director Jesus Nestor De sold 4,000 shares of OFG Bancorp stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the transaction, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. The trade was a 16.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the sale, the chief financial officer directly owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 66,352 shares of company stock valued at $3,491,362 in the last quarter. 1.23% of the stock is owned by insiders.

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.