Thrivent Financial for Lutherans Makes New Investment in OFG Bancorp $OFG

Thrivent Financial for Lutherans purchased a new stake in OFG Bancorp (NYSE:OFG) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 98,229 shares of the bank’s stock, valued at approximately $4,272,000. Thrivent Financial for Lutherans owned approximately 0.22% of OFG Bancorp as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of OFG. Royal Bank of Canada increased its holdings in OFG Bancorp by 8.8% during the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock valued at $1,221,000 after buying an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after acquiring an additional 552 shares during the period. KLP Kapitalforvaltning AS raised its position in shares of OFG Bancorp by 120.7% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 19,200 shares of the bank’s stock worth $827,000 after acquiring an additional 10,500 shares in the last quarter. Vest Financial LLC lifted its stake in shares of OFG Bancorp by 26.5% during the 2nd quarter. Vest Financial LLC now owns 97,744 shares of the bank’s stock worth $4,183,000 after purchasing an additional 20,466 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in OFG Bancorp during the second quarter valued at about $1,390,000. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on OFG. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, October 27th. Piper Sandler began coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price for the company. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Trading Down 0.3%

NYSE:OFG opened at $40.99 on Friday. The company has a market capitalization of $1.80 billion, a P/E ratio of 8.95 and a beta of 0.75. The company has a current ratio of 0.87, a quick ratio of 0.85 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 fifty day simple moving average of $41.01 and a 200-day simple moving average of $41.82.

OFG Bancorp (NYSE:OFG) last released 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 firm had revenue of $185.37 million for the quarter, compared to the consensus estimate of $184.17 million. During the same period in the prior year, the firm earned $1.09 EPS. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.4%. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio is presently 26.20%.

OFG Bancorp declared that its board has authorized 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 buy up to 12% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Transactions at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 25,232 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $7,562,441.25. This represents a 12.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jorge Colon sold 25,000 shares of OFG Bancorp stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $40.85, for a total transaction of $1,021,250.00. Following the sale, the director owned 27,543 shares of the company’s stock, valued at approximately $1,125,131.55. The trade was a 47.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 62,500 shares of company stock worth $2,564,302 in the last ninety days. Corporate insiders own 3.11% of the company’s stock.

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.