Jupiter Topco LLC Takes $21.09 Million Position in OFG Bancorp $OFG

Jupiter Topco LLC purchased a new position in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 429,854 shares of the bank’s stock, valued at approximately $21,094,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OFG. Allworth Financial LP acquired a new position in OFG Bancorp in the 2nd quarter worth $31,000. Quarry LP acquired a new stake in shares of OFG Bancorp during the third quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its stake in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after acquiring an additional 1,095 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of OFG Bancorp during the second quarter worth about $97,000. Finally, Royal Bank of Canada increased its position in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock worth $158,000 after acquiring an additional 1,736 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling at OFG Bancorp

In related news, Director Jesus Nestor De sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the transaction, the director owned 20,040 shares in the company, 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 SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 over the last ninety days. Company insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on OFG shares. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Zacks Research upgraded OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Benchmark assumed coverage on OFG Bancorp in a research report on Tuesday, July 14th. They issued 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, Wells Fargo & Company raised their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. One research 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.20.

OFG Bancorp Stock Up 0.8%

OFG stock opened at $52.52 on Friday. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.69. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $54.47. The firm has a fifty day moving average price of $51.29 and a two-hundred day moving average price of $45.97. 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 (NYSE:OFG) last posted its quarterly earnings results 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 period in the previous year, the business posted $1.15 EPS. Research analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

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.