OFG Bancorp $OFG Shares Sold by Citigroup Inc.

Citigroup Inc. cut its position in shares of OFG Bancorp (NYSE:OFG) by 36.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,299 shares of the bank’s stock after selling 29,962 shares during the quarter. Citigroup Inc. owned approximately 0.12% of OFG Bancorp worth $2,231,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Police & Firemen s Retirement System of New Jersey increased its holdings in 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 last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in OFG Bancorp by 1.5% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 32,987 shares of the bank’s stock worth $1,435,000 after buying an additional 500 shares during the last quarter. California State Teachers Retirement System lifted its holdings in OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after buying an additional 506 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of OFG Bancorp by 5.0% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,531 shares of the bank’s stock worth $494,000 after acquiring an additional 547 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after acquiring an additional 552 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 1.9%

Shares of NYSE OFG opened at $39.25 on Friday. OFG Bancorp has a 12-month low of $33.15 and a 12-month high of $46.11. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 8.57 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33. The stock’s 50 day simple moving average is $40.94 and its 200 day simple moving average is $41.63.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The firm 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 business earned $1.09 EPS. The firm’s revenue was up 1.9% on a year-over-year basis. Equities research analysts expect that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Increases Dividend

The company also recently declared 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. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s payout ratio is currently 26.20%.

OFG Bancorp declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 28th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the bank to repurchase up to 12% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OFG. Keefe, Bruyette & Woods reissued 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. Piper Sandler assumed coverage on shares of OFG Bancorp in a report on Thursday, January 15th. They issued a “neutral” rating and a $45.00 price objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Truist Financial dropped their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Finally, Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.83.

Insider Transactions at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were acquired at an average price of $42.06 per share, with a total value of $64,772.40. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jesus Nestor De sold 2,000 shares of OFG Bancorp stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 3.11% of the company’s stock.

OFG Bancorp 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.