Barrow Hanley Mewhinney & Strauss LLC Has $63.21 Million Stake in OFG Bancorp $OFG

Barrow Hanley Mewhinney & Strauss LLC trimmed its position in shares of OFG Bancorp (NYSE:OFG) by 5.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,453,492 shares of the bank’s stock after selling 86,163 shares during the quarter. Barrow Hanley Mewhinney & Strauss LLC owned approximately 3.31% of OFG Bancorp worth $63,212,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Police & Firemen s Retirement System of New Jersey increased its stake in shares of OFG Bancorp by 4.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,219 shares of the bank’s stock valued at $437,000 after buying an additional 396 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in OFG Bancorp by 1.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock valued at $1,435,000 after acquiring an additional 500 shares during the last quarter. California State Teachers Retirement System boosted its holdings in OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock valued at $1,838,000 after acquiring an additional 506 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in OFG Bancorp by 5.0% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock valued at $494,000 after purchasing an additional 547 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after purchasing an additional 552 shares during the last quarter. 92.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Cesar A. Ortiz sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the transaction, the insider directly owned 351 shares in the company, valued at approximately $14,801.67. This represents a 94.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Annette Franqui acquired 1,540 shares of OFG Bancorp stock in a transaction dated 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 transaction, the director directly owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their position. The SEC filing for this purchase provides additional information. 1.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Piper Sandler started coverage on OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 target price for the company. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Finally, Truist Financial cut their target price 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. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.83.

OFG Bancorp Stock Performance

NYSE:OFG opened at $39.29 on Wednesday. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.87. The business has a fifty day simple moving average of $40.85 and a two-hundred day simple moving average of $41.55. The company has a market capitalization of $1.67 billion, a P/E ratio of 8.58 and a beta of 0.74.

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

OFG Bancorp announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 28th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 12% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management 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. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. 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 3.6%. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio 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.