Rhumbline Advisers Grows Stock Position in OFG Bancorp $OFG

Rhumbline Advisers raised its holdings in OFG Bancorp (NYSE:OFG) by 18.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,826 shares of the bank’s stock after buying an additional 24,786 shares during the quarter. Rhumbline Advisers owned approximately 0.35% of OFG Bancorp worth $6,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Empowered Funds LLC boosted its position in shares of OFG Bancorp by 211.0% in the second quarter. Empowered Funds LLC now owns 421,742 shares of the bank’s stock worth $18,051,000 after acquiring an additional 286,113 shares during the last quarter. Burney Co. purchased a new position in OFG Bancorp during the second quarter worth approximately $10,236,000. CSM Advisors LLC acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at $8,235,000. Qube Research & Technologies Ltd grew its stake in shares of OFG Bancorp by 31.6% during the 2nd 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 during the period. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of OFG Bancorp during the 3rd quarter worth $4,272,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OFG. Piper Sandler assumed coverage on OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price objective on the stock. 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 report on Friday, January 23rd. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 14th. Truist Financial dropped their price objective on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, January 26th. Finally, Wells Fargo & Company cut their target price on shares of 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. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $45.83.

Insider Buying and Selling

In related news, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director owned 22,690 shares of the company’s stock, valued at approximately $960,013.90. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Cesar A. Ortiz sold 5,500 shares of OFG Bancorp 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 in the company, valued at $14,801.67. This represents a 94.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.16% of the company’s stock.

OFG Bancorp Stock Up 1.2%

Shares of NYSE:OFG opened at $42.65 on Monday. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.31 and a beta of 0.75. The company has a 50 day moving average of $41.25 and a two-hundred day moving average of $41.76. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $46.11. 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 (NYSE:OFG) last announced 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. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The business had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same period in the prior year, the firm earned $1.09 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a positive change 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 3.3%. OFG Bancorp’s dividend payout ratio is presently 26.20%.

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

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.