Insider Buying: OFG Bancorp (NYSE:OFG) Director Buys $64,772.40 in Stock

OFG Bancorp (NYSE:OFG) Director Annette Franqui bought 1,540 shares of OFG Bancorp stock in a transaction dated Friday, February 20th. The stock was purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the purchase, the director directly owned 3,440 shares in the company, valued at approximately $144,686.40. This trade represents a 81.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

OFG Bancorp Trading Up 1.2%

NYSE OFG opened at $42.65 on Monday. 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 has a market capitalization of $1.87 billion, a P/E ratio of 9.31 and a beta of 0.75. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. The firm has a 50-day moving average price of $41.25 and a 200 day moving average price of $41.76.

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, topping the consensus estimate of $1.16 by $0.11. The company had revenue of $185.37 million for the quarter, compared to analysts’ expectations of $184.17 million. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. Equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 12% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

OFG Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.35 dividend. The ex-dividend date is Tuesday, March 31st. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 3.3%. OFG Bancorp’s dividend payout ratio (DPR) is currently 26.20%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OFG. Weiss Ratings restated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Wells Fargo & Company lowered their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Truist Financial dropped their price objective on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Piper Sandler started coverage on OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price on the stock. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $43.00 price target (down previously from $50.00) on shares of OFG Bancorp in a research report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.83.

Institutional Investors Weigh In On OFG Bancorp

A number of large investors have recently bought and sold shares of the stock. Invesco Ltd. raised its holdings in shares of OFG Bancorp by 3.1% in the fourth quarter. Invesco Ltd. now owns 243,356 shares of the bank’s stock worth $9,973,000 after acquiring an additional 7,337 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of OFG Bancorp by 274.4% during the fourth quarter. XTX Topco Ltd now owns 20,787 shares of the bank’s stock valued at $852,000 after acquiring an additional 15,235 shares during the last quarter. Voloridge Investment Management LLC increased its position in OFG Bancorp by 15.4% during the 4th quarter. Voloridge Investment Management LLC now owns 149,259 shares of the bank’s stock worth $6,117,000 after purchasing an additional 19,865 shares in the last quarter. Polymer Capital Management US LLC increased its position in OFG Bancorp by 5.6% during the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock worth $358,000 after purchasing an additional 466 shares in the last quarter. Finally, Numerai GP LLC acquired a new position in OFG Bancorp in the 4th quarter valued at about $362,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

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.