Barrow Hanley Mewhinney & Strauss LLC Purchases Shares of 509,340 OFG Bancorp $OFG

Key Points

• Institutional interest increased: Barrow Hanley Mewhinney & Strauss acquired 509,340 OFG Bancorp shares valued at approximately $25 million, while institutional investors collectively owned 92.73% of the company.
• Analyst sentiment is moderately bullish: OFG has a consensus “Moderate Buy” rating with a $55.20 target price, supported by upgraded ratings and higher targets from several research firms.
• Strong financial performance and dividend: OFG exceeded quarterly earnings and revenue estimates, reporting $1.39 in EPS and $190.28 million in revenue. The company declared a quarterly dividend of $0.35 per share, equivalent to a 2.7% annualized yield.

Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 509,340 shares of the bank's stock, valued at approximately $24,993,000. Barrow Hanley Mewhinney & Strauss LLC owned approximately 1.21% of OFG Bancorp at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of OFG. Dimensional Fund Advisors LP increased its position in shares of OFG Bancorp by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank's stock worth $103,811,000 after purchasing an additional 27,774 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of OFG Bancorp by 19.9% in the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank's stock valued at $8,592,000 after purchasing an additional 35,269 shares during the last quarter. Deutsche Bank AG acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $20,652,000. Summit Global Investments acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at about $1,407,000. Finally, Intech Investment Management LLC grew its stake in OFG Bancorp by 109.0% during the 4th quarter. Intech Investment Management LLC now owns 148,046 shares of the bank's stock worth $6,067,000 after buying an additional 77,223 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on OFG. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating on the stock. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a report on Monday, August 10th. Zacks Research raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $55.20.

Insider Transactions at OFG Bancorp

In other news, 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 transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the transaction, the chief financial officer directly owned 56,684 shares of the company's stock, valued at $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 66,352 shares of company stock worth $3,491,362. Company insiders own 1.23% of the company's stock.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $52.23 on Monday. The business's 50 day moving average is $50.76 and its two-hundred day moving average is $45.61. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The company has a market capitalization of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. 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 released its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping 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 quarter in the prior year, the business earned $1.15 earnings per share. Equities analysts forecast 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 dividend on an annualized basis and a yield of 2.7%. OFG Bancorp's dividend payout ratio is presently 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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