Burney Co. Sells 118,540 Shares of OFG Bancorp $OFG

Key Points

• Burney Co. sharply reduced its OFG Bancorp stake in the first quarter, selling 118,540 shares and cutting its position by 82.2% to 25,748 shares worth about $1.04 million.
• Wall Street sentiment is mixed but cautious: OFG Bancorp has a consensus Hold rating with an average price target of $48.00, while some firms recently raised targets and others downgraded the stock.
• The bank reported solid recent results and continues to pay a dividend, with quarterly EPS of $1.26 last reported and a $0.35 per-share dividend scheduled for payment on July 15, implying a 2.9% yield.

Burney Co. lowered its position in OFG Bancorp (NYSE:OFG - Free Report) by 82.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,748 shares of the bank's stock after selling 118,540 shares during the quarter. Burney Co. owned about 0.06% of OFG Bancorp worth $1,042,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OFG. Quarry LP purchased a new stake in OFG Bancorp in the 3rd quarter worth about $35,000. EverSource Wealth Advisors LLC lifted its stake in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock worth $66,000 after acquiring an additional 1,095 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $97,000. Quantbot Technologies LP purchased a new position in OFG Bancorp during the 2nd quarter valued at $162,000. Finally, Caxton Associates LLP purchased a new position in OFG Bancorp during the 3rd quarter valued at $206,000. Institutional investors own 92.73% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Piper Sandler reaffirmed a "neutral" rating and issued a $48.00 price objective (up from $43.00) on shares of OFG Bancorp in a research report on Wednesday, April 22nd. Wells Fargo & Company boosted their target price on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an "equal weight" rating in a research note on Monday. Zacks Research cut shares of OFG Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Finally, Truist Financial upped their price target on shares of OFG Bancorp from $44.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $48.00.

OFG Bancorp Stock Down 1.9%

Shares of NYSE OFG opened at $48.91 on Thursday. OFG Bancorp has a 52-week low of $35.71 and a 52-week high of $50.66. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 10.10 and a beta of 0.70. The stock has a 50 day moving average price of $46.59 and a 200 day moving average price of $43.09. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.86 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The company had revenue of $185.80 million for the quarter. Sell-side analysts expect that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.35 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.9%. OFG Bancorp's dividend payout ratio (DPR) is currently 28.93%.

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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