Tudor Investment Corp ET AL Increases Stock Position in OFG Bancorp $OFG

Tudor Investment Corp ET AL lifted its position in shares of OFG Bancorp (NYSE:OFG) by 23.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 180,897 shares of the bank’s stock after purchasing an additional 34,653 shares during the period. Tudor Investment Corp ET AL’s holdings in OFG Bancorp were worth $7,867,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in OFG. Royal Bank of Canada boosted its holdings in OFG Bancorp by 8.8% in the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after acquiring an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after acquiring an additional 552 shares during the last quarter. Geode Capital Management LLC increased its stake in OFG Bancorp by 0.6% during the second quarter. Geode Capital Management LLC now owns 1,110,837 shares of the bank’s stock worth $47,548,000 after acquiring an additional 6,241 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of OFG Bancorp by 4.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock worth $437,000 after purchasing an additional 396 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of OFG Bancorp by 5.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock worth $494,000 after purchasing an additional 547 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on OFG shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. 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. Truist Financial reduced their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Finally, Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.83.

Insider Buying and Selling at OFG Bancorp

In related news, Director Annette Franqui bought 1,540 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was bought at an average price of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director owned 3,440 shares of the company’s stock, valued at approximately $144,686.40. This trade represents a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.23% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG opened at $39.55 on Tuesday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 8.64 and a beta of 0.74. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $40.46 and its two-hundred day moving average is $41.19. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11.

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

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.5%. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. OFG Bancorp’s dividend payout ratio (DPR) is 30.57%.

OFG Bancorp declared that its board has approved a share buyback program on Wednesday, January 28th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the bank to repurchase up to 12% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.