Deutsche Bank AG Acquires Shares of 420,858 OFG Bancorp $OFG

Deutsche Bank AG bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 420,858 shares of the bank's stock, valued at approximately $20,652,000. Deutsche Bank AG owned 1.00% of OFG Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of OFG Bancorp during the second quarter worth $18,687,000. GSA Capital Partners LLP bought a new position in OFG Bancorp during the second quarter worth about $1,609,000. Summit Global Investments acquired a new position in shares of OFG Bancorp during the 2nd quarter worth about $1,407,000. Carolina Wealth Advisors LLC acquired a new position in shares of OFG Bancorp during the 2nd quarter worth about $320,000. Finally, Empowered Funds LLC boosted its stake in OFG Bancorp by 19.9% during the 1st quarter. Empowered Funds LLC now owns 212,358 shares of the bank's stock worth $8,592,000 after acquiring an additional 35,269 shares during the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Activity

In other news, Director Jesus Nestor De sold 4,000 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the completion of the sale, the director owned 20,040 shares in the company, valued at approximately $1,062,120. This trade represents a 16.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the firm's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the sale, the chief executive officer owned 152,657 shares of the company's stock, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 66,352 shares of company stock valued at $3,491,362 over the last ninety days. 1.23% of the stock is currently owned by company insiders.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $52.23 on Friday. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47. 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 stock has a market cap of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. The company has a fifty day moving average price of $50.76 and a two-hundred day moving average price of $45.58.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.The firm had revenue of $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the company earned $1.15 earnings per share. As a group, equities analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio is presently 27.56%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OFG shares. Benchmark began coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a "hold" rating for the company. Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $55.20.

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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