CenterBook Partners LP Purchases 45,293 Shares of OFG Bancorp $OFG

CenterBook Partners LP grew its position in OFG Bancorp (NYSE:OFG) by 294.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 60,682 shares of the bank’s stock after purchasing an additional 45,293 shares during the period. CenterBook Partners LP owned about 0.14% of OFG Bancorp worth $2,639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OFG. Empowered Funds LLC increased its position in shares of OFG Bancorp by 211.0% in the 2nd quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock valued at $18,051,000 after buying an additional 286,113 shares in the last quarter. Burney Co. bought a new stake in OFG Bancorp during the 2nd quarter worth approximately $10,236,000. CSM Advisors LLC acquired a new stake in OFG Bancorp during the 2nd quarter worth approximately $8,235,000. Qube Research & Technologies Ltd lifted its stake in OFG Bancorp by 31.6% in the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after buying an additional 133,046 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new position in shares of OFG Bancorp in the third quarter valued at approximately $4,272,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Trading Up 0.1%

Shares of OFG Bancorp stock opened at $42.13 on Friday. The stock has a market cap of $1.85 billion, a P/E ratio of 9.20 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. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The business’s 50 day moving average is $41.24 and its 200-day moving average is $41.77.

OFG Bancorp (NYSE:OFG) last released its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.11. The business had revenue of $185.37 million during the quarter, compared to analysts’ expectations of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $1.09 earnings per share. Equities research analysts predict that OFG Bancorp will post 4.18 earnings per share for the current fiscal 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 paid a $0.35 dividend. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, March 31st. This represents a $1.40 annualized dividend and a yield of 3.3%. OFG Bancorp’s dividend payout ratio (DPR) is 26.20%.

OFG Bancorp announced that its board has initiated a share repurchase program on Wednesday, January 28th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 12% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OFG. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Wells Fargo & Company dropped their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. Truist Financial cut their price target on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Finally, Piper Sandler initiated coverage on OFG Bancorp in a research note on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, OFG Bancorp has a consensus rating of “Hold” and a consensus price target of $45.83.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, insider Cesar A. Ortiz sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the transaction, the insider owned 351 shares of the company’s stock, valued at $14,801.67. The trade was a 94.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director directly owned 22,690 shares of the company’s stock, valued at approximately $960,013.90. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company 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.