Denali Advisors LLC Buys New Stake in OFG Bancorp (NYSE:OFG)

Denali Advisors LLC acquired a new stake in shares of OFG Bancorp (NYSE:OFG - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 42,220 shares of the bank's stock, valued at approximately $1,690,000. Denali Advisors LLC owned 0.09% of OFG Bancorp at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in OFG. Allspring Global Investments Holdings LLC raised its stake in OFG Bancorp by 42.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,717 shares of the bank's stock worth $909,000 after acquiring an additional 6,814 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of OFG Bancorp by 11.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,403 shares of the bank's stock worth $1,505,000 after purchasing an additional 3,702 shares during the last quarter. Bank of America Corp DE lifted its position in shares of OFG Bancorp by 11.0% during the fourth quarter. Bank of America Corp DE now owns 104,179 shares of the bank's stock worth $4,409,000 after purchasing an additional 10,355 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of OFG Bancorp by 3.2% in the first quarter. Principal Financial Group Inc. now owns 259,824 shares of the bank's stock valued at $10,398,000 after acquiring an additional 8,050 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in OFG Bancorp in the fourth quarter valued at about $409,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

Shares of OFG stock traded down $0.03 during midday trading on Wednesday, hitting $44.47. The company had a trading volume of 38,106 shares, compared to its average volume of 310,108. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 10.49 and a beta of 0.75. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.84. The company's 50 day simple moving average is $42.57 and its 200 day simple moving average is $41.24. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The business had revenue of $182.20 million for the quarter, compared to analyst estimates of $181.50 million. During the same quarter in the previous year, the company posted $1.08 earnings per share. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. Research analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.70%. OFG Bancorp's dividend payout ratio (DPR) is 28.30%.

Insider Buying and Selling at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the completion of the transaction, the chief financial officer directly owned 63,470 shares in the company, valued at approximately $2,630,196.80. This represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on OFG. Hovde Group decreased their target price on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Wells Fargo & Company increased their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, Piper Sandler cut their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.50.

About OFG Bancorp

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.