Raffles Associates LP Purchases New Holdings in OFG Bancorp $OFG

Raffles Associates LP acquired a new position in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 102,067 shares of the bank’s stock, valued at approximately $5,008,000. OFG Bancorp comprises approximately 4.5% of Raffles Associates LP’s holdings, making the stock its 6th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of OFG. Allworth Financial LP bought a new stake in shares of OFG Bancorp in the 2nd quarter worth approximately $31,000. Quarry LP bought a new position in OFG Bancorp during the 3rd quarter valued at approximately $35,000. EverSource Wealth Advisors LLC increased its position in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. purchased a new position in OFG Bancorp during the second quarter valued at $97,000. Finally, Quantbot Technologies LP purchased a new position in OFG Bancorp during the second quarter valued at $162,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling

In other OFG Bancorp news, CFO Maritza Arizmendi sold 10,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares of the company’s stock, valued at approximately $3,024,091.40. The trade was a 15.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 152,657 shares of the company’s stock, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by corporate insiders.

OFG Bancorp Stock Performance

OFG stock opened at $52.14 on Wednesday. The stock’s 50 day simple moving average is $50.95 and its 200 day simple moving average is $45.77. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The stock has a market capitalization of $2.20 billion, a PE ratio of 10.26 and a beta of 0.69.

OFG Bancorp (NYSE:OFG) last posted its 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 business had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter last year, the company earned $1.15 EPS. As a group, research analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 annualized dividend and a dividend yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on OFG. Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Benchmark started coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a “hold” rating on the stock. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the company 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 issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.