28,664 Shares in OFG Bancorp $OFG Purchased by Summit Global Investments

Key Points

• Summit Global Investments acquired 28,664 OFG Bancorp shares worth approximately $1.4 million, while institutional investors collectively owned 92.73% of the company.
• OFG Bancorp exceeded quarterly earnings expectations, reporting $1.39 in EPS versus a $1.17 consensus estimate and $190.28 million in revenue. The bank also declared a quarterly dividend of $0.35, representing a 2.6% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $55.20, although insiders sold 66,352 shares worth about $3.49 million during the quarter.

Summit Global Investments acquired a new stake in OFG Bancorp (NYSE:OFG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 28,664 shares of the bank's stock, valued at approximately $1,407,000. Summit Global Investments owned 0.07% of OFG Bancorp at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quarry LP bought a new position in OFG Bancorp in the third quarter worth approximately $35,000. EverSource Wealth Advisors LLC lifted its stake in OFG Bancorp by 250.0% in 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 period. Raymond James Financial Inc. bought a new position in OFG Bancorp during the 2nd quarter worth about $97,000. Royal Bank of Canada boosted its stake in shares of OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock valued at $158,000 after purchasing an additional 1,736 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in OFG Bancorp in the second quarter worth approximately $162,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

Shares of NYSE OFG opened at $53.88 on Friday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.98. The company has a market cap of $2.28 billion, a PE ratio of 10.61 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The business has a 50-day simple moving average of $50.23 and a two-hundred day simple moving average of $45.10.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period last year, the firm posted $1.15 EPS. As a group, equities analysts expect that OFG Bancorp will post 5.05 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.6%. OFG Bancorp's dividend payout ratio (DPR) is currently 27.56%.

Insiders Place Their Bets

In other news, Director Jesus Nestor De sold 4,000 shares of OFG Bancorp stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 66,352 shares of company stock valued at $3,491,362. Insiders own 1.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on OFG shares. Wells Fargo & Company increased their target price on OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a research report on Monday. Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Finally, Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $55.20.

OFG Bancorp Company 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.

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