Federated Hermes Inc. Buys 14,216 Shares of OFG Bancorp $OFG

Federated Hermes Inc. increased its stake in shares of OFG Bancorp (NYSE:OFG) by 8.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 192,089 shares of the bank’s stock after purchasing an additional 14,216 shares during the period. Federated Hermes Inc. owned approximately 0.43% of OFG Bancorp worth $8,354,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in OFG Bancorp in the second quarter worth about $218,000. State of Alaska Department of Revenue lifted its stake in shares of OFG Bancorp by 5.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 26,707 shares of the bank’s stock worth $1,142,000 after purchasing an additional 1,275 shares during the period. Versor Investments LP purchased a new position in shares of OFG Bancorp in the second quarter worth approximately $1,122,000. Hsbc Holdings PLC boosted its holdings in shares of OFG Bancorp by 122.3% in the second quarter. Hsbc Holdings PLC now owns 60,193 shares of the bank’s stock worth $2,594,000 after buying an additional 33,110 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in OFG Bancorp during the second quarter valued at approximately $582,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $40.37 on Monday. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 8.81 and a beta of 0.75. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock’s 50-day simple moving average is $40.89 and its 200-day simple moving average is $41.94. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

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

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

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.5%. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s payout ratio is presently 26.20%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. This represents a 94.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jose Rafael Fernandez sold 25,232 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $40.95, for a total value of $1,033,250.40. Following the transaction, the chief executive officer owned 184,675 shares of the company’s stock, valued at approximately $7,562,441.25. The trade was a 12.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 over the last ninety days. 2.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Piper Sandler initiated coverage on OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price on the stock. 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 research report on Friday, January 23rd. Wells Fargo & Company reduced their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $45.83.

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.