Barclays PLC Acquires 43,738 Shares of OFG Bancorp (NYSE:OFG)

Barclays PLC raised its holdings in OFG Bancorp (NYSE:OFG) by 83.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 96,045 shares of the bank’s stock after acquiring an additional 43,738 shares during the period. Barclays PLC’s holdings in OFG Bancorp were worth $4,314,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OFG. Arizona State Retirement System lifted its holdings in OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after buying an additional 247 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of OFG Bancorp by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank’s stock worth $884,000 after acquiring an additional 300 shares during the period. XTX Topco Ltd boosted its holdings in OFG Bancorp by 5.2% in the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after acquiring an additional 413 shares during the last quarter. Martingale Asset Management L P increased its position in OFG Bancorp by 0.5% during the 3rd quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock valued at $3,918,000 after purchasing an additional 460 shares during the period. Finally, Rhumbline Advisers raised its holdings in OFG Bancorp by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 140,512 shares of the bank’s stock worth $5,262,000 after purchasing an additional 568 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company’s stock.

Wall Street Analyst Weigh In

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

OFG Bancorp Stock Up 2.0 %

OFG Bancorp stock opened at $41.81 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $1.92 billion, a PE ratio of 10.17 and a beta of 1.02. The firm’s fifty day moving average is $43.21 and its 200 day moving average is $42.21. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66.

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

OFG Bancorp Dividend Announcement

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 paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. OFG Bancorp’s dividend payout ratio (DPR) is presently 24.33%.

OFG Bancorp declared that its Board of Directors has authorized a stock buyback plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.11% of the company’s stock.

OFG Bancorp Company 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.