Elevation Point Wealth Partners LLC Takes Position in OFG Bancorp $OFG

Key Points

• Elevation Point Wealth Partners acquired 29,827 shares of OFG Bancorp worth approximately $1.47 million, while institutional investors overall own 92.73% of the company.
• OFG Bancorp reported quarterly EPS of $1.39, exceeding the $1.17 consensus estimate, with revenue of $190.28 million. The bank also declared a quarterly dividend of $0.35 per share, representing a 2.7% annualized yield.
• Analyst sentiment is moderately positive, with a consensus “Moderate Buy” rating and an average price target of $55.20; however, company insiders sold 66,352 shares worth about $3.49 million over the past 90 days.

Elevation Point Wealth Partners LLC purchased a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 29,827 shares of the bank's stock, valued at approximately $1,474,000. Elevation Point Wealth Partners LLC owned about 0.07% of OFG Bancorp as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in OFG Bancorp in the second quarter valued at approximately $302,289,000. Deutsche Bank AG acquired a new position in shares of OFG Bancorp during the 2nd quarter worth approximately $20,652,000. Bank of New York Mellon Corp bought a new stake in OFG Bancorp in the 2nd quarter valued at $18,687,000. First Trust Advisors LP lifted its holdings in OFG Bancorp by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank's stock valued at $93,945,000 after purchasing an additional 281,593 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in OFG Bancorp by 31.6% during the second quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank's stock worth $23,720,000 after purchasing an additional 133,046 shares during the period. Institutional investors and hedge funds own 92.73% of the company's stock.

Insider Buying and Selling

In other news, CFO Maritza Arizmendi sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. The trade was a 15.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the business's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. This represents a 25.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OFG has been the topic of several research reports. Zacks Research upgraded shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods lifted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 22nd. Benchmark assumed coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating on the stock. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a report on Wednesday, July 22nd. Finally, Truist Financial lifted their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given 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 price target of $55.20.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $52.23 on Monday. The firm has a market cap of $2.21 billion, a P/E ratio of 10.28 and a beta of 0.69. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The business has a fifty day simple moving average of $50.76 and a 200 day simple moving average of $45.61. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32.

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 for the quarter, beating the consensus estimate of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million during the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the previous year, the business posted $1.15 EPS. Analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. 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 payout ratio is presently 27.56%.

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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