Allianz Asset Management GmbH Takes $9.19 Million Position in OFG Bancorp $OFG

Key Points

• Allianz Asset Management acquired 187,352 shares of OFG Bancorp worth approximately $9.19 million, while institutional investors 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 versus $182.64 million expected.
• The bank declared a quarterly dividend of $0.35, equivalent to a $1.40 annualized payout and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $55.20.

Allianz Asset Management GmbH bought a new stake in OFG Bancorp (NYSE:OFG - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 187,352 shares of the bank's stock, valued at approximately $9,193,000. Allianz Asset Management GmbH owned 0.44% of OFG Bancorp as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new stake in OFG Bancorp in the 2nd quarter valued at $302,289,000. California State Teachers Retirement System boosted its position in OFG Bancorp by 6,811.5% during the second quarter. California State Teachers Retirement System now owns 2,504,876 shares of the bank's stock worth $122,914,000 after purchasing an additional 2,468,634 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of OFG Bancorp in the second quarter valued at $24,993,000. Jupiter Topco LLC acquired a new position in shares of OFG Bancorp in the second quarter valued at $21,094,000. Finally, Deutsche Bank AG bought a new position in shares of OFG Bancorp in the second quarter valued at about $20,652,000. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock opened at $52.52 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 10.34 and a beta of 0.68. The company has a 50-day simple moving average of $51.86 and a two-hundred day simple moving average of $46.52. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.22. The business had revenue of $190.28 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.15 earnings per share. Analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

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

Insider Activity

In other news, Director Néstor de Jesús sold 4,000 shares of the company's stock in a transaction that occurred 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 owned 20,040 shares of the company's stock, valued at approximately $1,062,120. This represents a 16.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OFG. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their price target on shares of 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 raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Benchmark assumed coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a "hold" rating on the stock. Finally, Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.20.

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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