OFG Bancorp $OFG Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its position in shares of OFG Bancorp (NYSE:OFG) by 63.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,823 shares of the bank’s stock after selling 123,283 shares during the period. Intech Investment Management LLC’s holdings in OFG Bancorp were worth $3,080,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in OFG. Wealth Enhancement Advisory Services LLC purchased a new position in shares of OFG Bancorp during the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC grew its holdings in OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the period. Raymond James Financial Inc. purchased a new position in OFG Bancorp in the second quarter worth $97,000. Quantbot Technologies LP purchased a new position in OFG Bancorp in the second quarter worth $162,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in OFG Bancorp in the second quarter valued at $218,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

OFG has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Piper Sandler initiated coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 price target for the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Finally, Truist Financial dropped their price objective on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.83.

OFG Bancorp Stock Up 1.2%

Shares of NYSE:OFG opened at $40.57 on Tuesday. The stock’s 50-day moving average price is $41.10 and its two-hundred day moving average price is $41.70. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 8.86 and a beta of 0.75.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The firm had revenue of $185.37 million for the quarter, compared to analysts’ expectations of $184.17 million. During the same quarter last year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, research analysts forecast that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s payout ratio is 30.57%.

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

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, Director Annette Franqui acquired 1,540 shares of the stock in a transaction on Friday, February 20th. The stock was purchased at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the purchase, the director directly owned 3,440 shares in the company, valued at $144,686.40. This trade represents a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director owned 22,690 shares of the company’s stock, 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. Corporate insiders own 3.11% of the company’s stock.

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.