OFG Bancorp $OFG Shares Purchased by American Century Companies Inc.

American Century Companies Inc. increased its stake in OFG Bancorp (NYSE:OFG) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,458,026 shares of the bank’s stock after acquiring an additional 108,635 shares during the quarter. American Century Companies Inc. owned approximately 3.28% of OFG Bancorp worth $63,410,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of OFG Bancorp during the third quarter worth about $53,000. EverSource Wealth Advisors LLC increased its stake in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Quantbot Technologies LP purchased a new position in shares of OFG Bancorp in the second quarter valued at approximately $162,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of OFG Bancorp in the second quarter worth approximately $218,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 value of $231,935.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Annette Franqui purchased 1,540 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $42.06 per share, for a total transaction of $64,772.40. Following the completion of the purchase, the director directly owned 3,440 shares of the company’s stock, valued at $144,686.40. This represents a 81.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OFG shares. Zacks Research upgraded OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Truist Financial decreased their price target on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, January 26th. Keefe, Bruyette & Woods restated 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a report on Monday, December 29th. Finally, Piper Sandler assumed coverage on shares of 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 given a Hold rating to the company’s stock. According to MarketBeat.com, OFG Bancorp currently has a consensus rating of “Hold” and a consensus target price of $45.83.

OFG Bancorp Trading Up 0.3%

OFG opened at $40.41 on Thursday. The stock has a market capitalization of $1.74 billion, a PE ratio of 8.82 and a beta of 0.74. OFG Bancorp has a one year low of $33.15 and a one year high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87. The business’s 50 day moving average price is $41.03 and its 200 day moving average price is $41.67.

OFG Bancorp (NYSE:OFG) last posted 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 during 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 earnings per share. As a group, equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp declared that its board has initiated a stock buyback program on Wednesday, January 28th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 12% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is 26.20%.

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.