Algert Global LLC Acquires 71,112 Shares of OFG Bancorp $OFG

Algert Global LLC lifted its holdings in shares of OFG Bancorp (NYSE:OFG) by 31.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 300,292 shares of the bank’s stock after purchasing an additional 71,112 shares during the period. Algert Global LLC owned 0.68% of OFG Bancorp worth $13,060,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of OFG. Wealth Enhancement Advisory Services LLC acquired a new position in OFG Bancorp during the 3rd quarter worth about $53,000. EverSource Wealth Advisors LLC raised its position in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of OFG Bancorp in the second quarter worth approximately $97,000. Quantbot Technologies LP acquired a new position in shares of OFG Bancorp in the second quarter worth approximately $162,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in OFG Bancorp in the second quarter valued at approximately $218,000. Institutional investors own 92.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OFG. Zacks Research raised shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. 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 price objective on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research report on Monday, December 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Finally, 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. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $45.83.

Insider Activity at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of OFG Bancorp stock in a transaction on 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 completion of the purchase, the director owned 3,440 shares of the company’s stock, valued at approximately $144,686.40. The trade was a 81.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jesus Nestor De sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the transaction, the director directly owned 22,690 shares in the company, valued at $960,013.90. The trade was a 8.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.23% of the stock is currently owned by corporate insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $39.35 on Monday. The firm has a 50 day moving average of $40.75 and a 200-day moving average of $41.44. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 8.59 and a beta of 0.74. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

OFG Bancorp (NYSE:OFG) last issued 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 business had revenue of $185.37 million for the quarter, compared to analyst estimates of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. OFG Bancorp’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, equities analysts forecast that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

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

OFG Bancorp declared that its board has authorized a share repurchase plan on Wednesday, January 28th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 12% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.