Elizabeth Park Capital Advisors Ltd. Cuts Position in OFG Bancorp $OFG

Elizabeth Park Capital Advisors Ltd. reduced its holdings in shares of OFG Bancorp (NYSE:OFG) by 24.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,719 shares of the bank’s stock after selling 16,330 shares during the quarter. Elizabeth Park Capital Advisors Ltd. owned 0.11% of OFG Bancorp worth $2,128,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Federated Hermes Inc. boosted its position in OFG Bancorp by 22.0% during the 2nd quarter. Federated Hermes Inc. now owns 177,873 shares of the bank’s stock worth $7,613,000 after purchasing an additional 32,113 shares during the period. Jump Financial LLC purchased a new stake in shares of OFG Bancorp in the second quarter worth about $388,000. First Trust Advisors LP boosted its position in shares of OFG Bancorp by 0.7% in the second quarter. First Trust Advisors LP now owns 1,761,645 shares of the bank’s stock worth $75,398,000 after buying an additional 12,369 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of OFG Bancorp by 250.0% in the second 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. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of OFG Bancorp by 63.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock valued at $3,500,000 after buying an additional 31,816 shares during the period. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Trading Down 0.3%

NYSE OFG opened at $40.47 on Friday. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of 9.20 and a beta of 0.79. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.85 and a quick ratio of 0.85. OFG Bancorp has a 12 month low of $33.15 and a 12 month high of $46.11. The company’s fifty day moving average price is $40.72 and its two-hundred day moving average price is $42.32.

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, October 22nd. The bank reported $1.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.16. The business had revenue of $186.18 million for the quarter, compared to analyst estimates of $186.71 million. OFG Bancorp had a net margin of 22.26% and a return on equity of 15.18%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.00 EPS. As a group, research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.30 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. OFG Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

Insider Buying and Selling

In other news, CEO Jose Rafael Fernandez sold 25,232 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $40.95, for a total value of $1,033,250.40. Following the completion of the sale, the chief executive officer directly owned 184,675 shares in the company, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jorge Colon sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $40.85, for a total value of $1,021,250.00. Following the sale, the director directly owned 27,543 shares in the company, valued at approximately $1,125,131.55. This represents a 47.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 55,000 shares of company stock valued at $2,247,747 over the last quarter. Company insiders own 3.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Zacks Research raised shares of OFG Bancorp to a “hold” rating in a research report on Friday, October 10th. Truist Financial lowered their price target on shares of OFG Bancorp from $50.00 to $48.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 1st. Keefe, Bruyette & Woods cut their price objective on shares of OFG Bancorp from $51.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 23rd. Finally, UBS Group set a $50.00 target price on OFG Bancorp in a research note on Thursday, October 9th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and an average target price of $47.17.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.