Denali Advisors LLC Makes New $1.69 Million Investment in OFG Bancorp (NYSE:OFG)

Denali Advisors LLC bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 42,220 shares of the bank's stock, valued at approximately $1,690,000. Denali Advisors LLC owned 0.09% of OFG Bancorp as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in shares of OFG Bancorp in the fourth quarter valued at approximately $44,000. Point72 Asset Management L.P. bought a new stake in shares of OFG Bancorp in the fourth quarter valued at approximately $172,000. Bridgefront Capital LLC bought a new stake in shares of OFG Bancorp in the fourth quarter valued at approximately $221,000. Bank of Montreal Can boosted its position in shares of OFG Bancorp by 9.0% in the fourth quarter. Bank of Montreal Can now owns 5,295 shares of the bank's stock valued at $224,000 after acquiring an additional 438 shares during the period. Finally, Oxford Asset Management LLP bought a new position in OFG Bancorp in the fourth quarter worth $225,000. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CFO Maritza Arizmendi sold 5,000 shares of OFG Bancorp stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the transaction, the chief financial officer owned 63,470 shares in the company, valued at $2,630,196.80. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.16% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on OFG shares. Keefe, Bruyette & Woods raised their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday. Piper Sandler decreased their target price on shares of OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday. Wells Fargo & Company lifted their target price on shares of OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, Hovde Group decreased their target price on shares of OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

OFG Bancorp Trading Down 0.9%

NYSE OFG traded down $0.39 during trading on Monday, reaching $44.55. 163,880 shares of the stock traded hands, compared to its average volume of 311,358. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 0.34. The stock's 50-day moving average price is $42.57 and its 200 day moving average price is $41.24. OFG Bancorp has a fifty-two week low of $33.15 and a fifty-two week high of $47.66. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 10.51 and a beta of 0.75.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.15 EPS for the quarter, topping the consensus estimate of $1.05 by $0.10. The business had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm's revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.08 earnings per share. Analysts predict that OFG Bancorp will post 4.18 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Monday, June 30th. OFG Bancorp's payout ratio is presently 28.30%.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.