OFG Bancorp (NYSE:OFG) Shares Purchased by State Street Corp

State Street Corp grew its position in shares of OFG Bancorp (NYSE:OFG) by 0.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,177,560 shares of the bank’s stock after purchasing an additional 19,372 shares during the period. State Street Corp owned 4.74% of OFG Bancorp worth $98,354,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. New Millennium Group LLC purchased a new position in shares of OFG Bancorp during the second quarter valued at approximately $30,000. Blue Trust Inc. lifted its stake in shares of OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares during the period. CWM LLC lifted its stake in shares of OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares during the period. Quarry LP grew its position in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,927 shares during the period. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This represents a 14.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on OFG shares. Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th.

OFG Bancorp Stock Performance

OFG Bancorp stock opened at $43.66 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 12 month low of $33.19 and a 12 month high of $47.66. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 10.62 and a beta of 1.02. The stock’s 50-day moving average is $43.28 and its 200-day moving average is $42.10.

OFG Bancorp (NYSE:OFG) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The company had revenue of $174.10 million during the quarter, compared to analyst estimates of $178.25 million. During the same quarter in the prior year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has initiated a stock buyback plan on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 2.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.29%. OFG Bancorp’s dividend payout ratio is currently 24.33%.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.