Bank of New York Mellon Corp Takes $18.69 Million Position in OFG Bancorp $OFG

Key Points

• Bank of New York Mellon acquired 380,818 OFG Bancorp shares worth approximately $18.69 million, representing about 0.90% of the company. Institutional investors collectively own 92.73% of OFG’s outstanding stock.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $55.20. OFG recently exceeded quarterly expectations, reporting $1.39 in EPS and $190.28 million in revenue.
• OFG Bancorp 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 approximately $3.49 million during the last quarter.

Bank of New York Mellon Corp acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 380,818 shares of the bank's stock, valued at approximately $18,687,000. Bank of New York Mellon Corp owned about 0.90% of OFG Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Trust Advisors LP increased its position in OFG Bancorp by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank's stock valued at $93,945,000 after acquiring an additional 281,593 shares during the period. Qube Research & Technologies Ltd lifted its position in OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank's stock worth $23,720,000 after acquiring an additional 133,046 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in OFG Bancorp during the 4th quarter worth approximately $4,224,000. Squarepoint Ops LLC grew its stake in shares of OFG Bancorp by 990.9% in the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank's stock valued at $4,170,000 after purchasing an additional 92,419 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of OFG Bancorp by 518.1% in the 2nd quarter. Jane Street Group LLC now owns 109,427 shares of the bank's stock valued at $4,683,000 after purchasing an additional 91,723 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their target price on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a "hold" rating on the stock. Zacks Research raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $55.20.

Insider Buying and Selling at OFG Bancorp

In other news, Director Jesus Nestor De sold 4,000 shares of the company's 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 transaction, the director directly owned 20,040 shares of the company's stock, valued at $1,062,120. This represents a 16.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares of the company's stock, valued at $3,024,091.40. This represents a 15.00% decrease in their position. 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. 1.23% of the stock is owned by company insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $52.14 on Tuesday. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 10.26 and a beta of 0.69. The stock has a 50 day simple moving average of $51.39 and a 200-day simple moving average of $46.07. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32.

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

OFG Bancorp Announces Dividend

The firm also recently announced 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 yield of 2.7%. OFG Bancorp's dividend payout ratio (DPR) is 27.56%.

OFG Bancorp 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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