Burney Co. Cuts Stock Position in OFG Bancorp $OFG

Key Points

• Burney Co. reduced its stake in OFG Bancorp by 41.9% in Q4 and now owns 144,288 shares (about 0.33% of the company) worth roughly $5.91 million, while institutional investors collectively hold about 92.73% of the stock.
• OFG’s board authorized a $200 million share buyback (up to 12% of shares) and raised the quarterly dividend to $0.35 (annualized $1.40, ~3.3% yield), signaling a focus on returning capital to shareholders.
• Analyst sentiment is mixed with a consensus “Hold” rating and a $45.83 price target; the bank recently beat estimates with quarterly EPS of $1.27 versus $1.16 expected.

Burney Co. lessened its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 41.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 144,288 shares of the bank's stock after selling 103,990 shares during the period. Burney Co. owned about 0.33% of OFG Bancorp worth $5,913,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in OFG. Royal Bank of Canada raised its stake in shares of OFG Bancorp by 8.8% in the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank's stock valued at $1,221,000 after acquiring an additional 2,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of OFG Bancorp by 2.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock valued at $1,069,000 after acquiring an additional 552 shares during the period. Quantbot Technologies LP purchased a new position in shares of OFG Bancorp in the 2nd quarter valued at $162,000. Arrowstreet Capital Limited Partnership raised its stake in shares of OFG Bancorp by 63.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank's stock valued at $3,500,000 after acquiring an additional 31,816 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of 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 acquiring an additional 1,095 shares during the period. Hedge funds and other institutional investors own 92.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on OFG shares. Truist Financial cut their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a "buy" rating on the stock in a research note on Monday, January 26th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of OFG Bancorp in a research note on Monday, December 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler started coverage on shares of OFG Bancorp in a research note on Thursday, January 15th. They set a "neutral" rating and a $45.00 price target on the stock. Finally, Zacks Research raised shares of OFG Bancorp from a "strong sell" rating to a "hold" rating in a research note on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $45.83.

Insider Buying and Selling at OFG Bancorp

In related news, Director Annette Franqui bought 1,540 shares of the company's stock in a transaction dated Friday, February 20th. The stock was bought at an average price of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director owned 3,440 shares of the company's stock, valued at approximately $144,686.40. This trade represents a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.23% of the company's stock.

OFG Bancorp Price Performance

OFG opened at $42.74 on Friday. The company has a 50-day moving average of $40.81 and a 200-day moving average of $40.93. The company has a market capitalization of $1.82 billion, a P/E ratio of 9.33 and a beta of 0.67. OFG Bancorp has a 1-year low of $34.05 and a 1-year high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its earnings results on Thursday, January 22nd. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.11. The company had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company's revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 EPS. Equities analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from OFG Bancorp's previous quarterly dividend of $0.30. OFG Bancorp's payout ratio is presently 30.57%.

OFG Bancorp announced that its board has authorized a stock buyback program on Wednesday, January 28th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 12% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

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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