Annette Franqui Buys 1,540 Shares of OFG Bancorp (NYSE:OFG) Stock

OFG Bancorp (NYSE:OFG) Director Annette Franqui acquired 1,540 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the completion of the acquisition, the director directly owned 3,440 shares of the company’s stock, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

OFG Bancorp Stock Up 1.2%

OFG Bancorp stock traded up $0.52 during midday trading on Friday, hitting $42.65. 221,948 shares of the company’s stock were exchanged, compared to its average volume of 328,490. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.85 and a current ratio of 0.87. The company has a market cap of $1.87 billion, a PE ratio of 9.31 and a beta of 0.75. The firm has a 50-day moving average of $41.24 and a two-hundred day moving average of $41.77. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results 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. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. During the same quarter in the prior year, the company earned $1.09 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

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

OFG Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OFG shares. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Piper Sandler started coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price target on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $43.00 price objective (down previously from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Wells Fargo & Company cut their price target on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Finally, Truist Financial decreased their price objective on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a report on Monday, January 26th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, OFG Bancorp presently has a consensus rating of “Hold” and an average target price of $45.83.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of 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 purchasing an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 buying an additional 552 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in OFG Bancorp during the 2nd quarter worth approximately $1,390,000. Versor Investments LP acquired a new stake in OFG Bancorp during the 2nd quarter valued at approximately $1,122,000. Finally, Smith Shellnut Wilson LLC ADV purchased a new stake in shares of OFG Bancorp in the 2nd quarter valued at $209,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Company 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.