BlackRock Inc. Makes New Investment in OFG Bancorp $OFG

Key Points

• BlackRock acquired 6.16 million shares of OFG Bancorp in the second quarter, valued at approximately $302.3 million and representing a 14.58% stake. Institutional investors collectively own 92.73% of the bank.
• OFG Bancorp reported quarterly EPS of $1.39, beating estimates of $1.17, while revenue of $190.28 million also exceeded expectations. The company maintains a “Moderate Buy” consensus rating with an average price target of $55.20.
• The bank declared a quarterly dividend of $0.35 per share, equivalent to an annualized $1.40 payout and a 2.7% yield. Meanwhile, insiders have sold 66,352 shares worth about $3.49 million over the past three months.

BlackRock Inc. purchased a new stake in OFG Bancorp (NYSE:OFG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,160,369 shares of the bank's stock, valued at approximately $302,289,000. BlackRock Inc. owned 14.58% of OFG Bancorp as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Deutsche Bank AG purchased a new stake in shares of OFG Bancorp during the second quarter worth $20,652,000. Bank of New York Mellon Corp purchased a new position in OFG Bancorp in the second quarter valued at $18,687,000. GSA Capital Partners LLP acquired a new position in OFG Bancorp during the 2nd quarter worth $1,609,000. Summit Global Investments acquired a new position in OFG Bancorp during the 2nd quarter worth $1,407,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in OFG Bancorp during the 2nd quarter worth about $320,000. Institutional investors and hedge funds own 92.73% of the company's stock.

OFG Bancorp Trading Up 0.5%

NYSE OFG opened at $52.29 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The firm's fifty day moving average price is $51.07 and its 200 day moving average price is $45.85. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 10.29 and a beta of 0.69. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced 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 net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same period last year, the business earned $1.15 EPS. On average, sell-side analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal 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 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 dividend yield of 2.7%. OFG Bancorp's payout ratio is 27.56%.

Analysts Set New Price Targets

OFG has been the subject of several recent research reports. Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Wells Fargo & Company upped 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. Benchmark initiated coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a "hold" rating on the stock. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, OFG Bancorp currently has an average rating of "Moderate Buy" and an average price target of $55.20.

Insider Activity

In related news, Director Jesus Nestor De sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the transaction, the director owned 20,040 shares in the company, valued at $1,062,120. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 66,352 shares of company stock valued at $3,491,362. Insiders own 1.23% of the company's stock.

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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