Algert Global LLC Has $17.01 Million Holdings in OFG Bancorp $OFG

Key Points

• Algert Global increased its OFG Bancorp position by 9.4% in the second quarter, holding 346,607 shares worth approximately $17.01 million. Institutional investors and hedge funds collectively own 92.73% of the company.
• OFG Bancorp exceeded quarterly expectations, reporting $1.39 in EPS versus the $1.17 consensus and revenue of $190.28 million. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $55.20.
• The company declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 2.7% yield. Meanwhile, insiders sold 66,352 shares worth about $3.49 million over the past 90 days.

Algert Global LLC lifted its position in OFG Bancorp (NYSE:OFG - Free Report) by 9.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,607 shares of the bank's stock after buying an additional 29,715 shares during the quarter. Algert Global LLC owned about 0.82% of OFG Bancorp worth $17,008,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP bought a new stake in OFG Bancorp during the second quarter worth $31,000. Quarry LP acquired a new stake in OFG Bancorp in the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC lifted its stake in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after purchasing an additional 1,095 shares during the last quarter. Raymond James Financial Inc. bought a new position in OFG Bancorp during the second quarter worth about $97,000. Finally, Royal Bank of Canada grew its holdings in OFG Bancorp by 80.2% during the first quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock worth $158,000 after purchasing an additional 1,736 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the sale, the chief financial officer owned 56,684 shares of the company's stock, valued at approximately $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jesus Nestor De sold 4,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on OFG shares. Keefe, Bruyette & Woods upped their price objective 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. Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Truist Financial boosted their target price on OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Wells Fargo & Company increased their price target on OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Finally, Benchmark began coverage on OFG Bancorp in a report on Tuesday, July 14th. They set a "hold" rating for the company. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $55.20.

OFG Bancorp Stock Up 0.3%

OFG Bancorp stock opened at $52.39 on Tuesday. The stock has a market cap of $2.21 billion, a P/E ratio of 10.31 and a beta of 0.69. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The company's 50-day moving average price is $50.86 and its two-hundred day moving average price is $45.69.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.22. The company had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter last year, the company earned $1.15 earnings per share. As a group, analysts expect that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.7%. OFG Bancorp's dividend payout ratio (DPR) is presently 27.56%.

About OFG Bancorp

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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