Empowered Funds LLC Has $8.59 Million Position in OFG Bancorp $OFG

Empowered Funds LLC lifted its stake in shares of OFG Bancorp (NYSE:OFG) by 19.9% during the 1st quarter, HoldingsChannel reports. The firm owned 212,358 shares of the bank’s stock after acquiring an additional 35,269 shares during the period. Empowered Funds LLC’s holdings in OFG Bancorp were worth $8,592,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock worth $103,811,000 after buying an additional 27,774 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of OFG Bancorp by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank’s stock valued at $93,945,000 after acquiring an additional 281,593 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of OFG Bancorp by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after acquiring an additional 13,121 shares in the last quarter. Millennium Management LLC grew its position in OFG Bancorp by 7.8% during the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock worth $34,657,000 after acquiring an additional 57,572 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock worth $23,720,000 after acquiring an additional 133,046 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the sale, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was 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 in the company, valued at $3,024,091.40. The trade was a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 66,352 shares of company stock valued at $3,491,362 over the last 90 days. Company insiders own 1.23% of the company’s stock.

OFG Bancorp Stock Up 0.6%

OFG Bancorp stock opened at $53.88 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $53.98. The firm has a 50 day moving average price of $50.23 and a two-hundred day moving average price of $45.10. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same period in the prior year, the firm posted $1.15 EPS. Equities analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a yield of 2.6%. OFG Bancorp’s dividend payout ratio is 27.56%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Truist Financial lifted their price target on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a report on Wednesday, July 22nd. Wells Fargo & Company lifted their target price 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. Finally, Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.20.

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.