Empowered Funds LLC Buys 35,269 Shares of OFG Bancorp $OFG

Key Points

• Empowered Funds LLC increased its OFG Bancorp stake by 19.9% in the first quarter, purchasing 35,269 shares and bringing its holdings to 212,358 shares valued at approximately $8.6 million. Institutional investors collectively own 92.73% of the company.
• OFG Bancorp reported quarterly earnings of $1.39 per share, exceeding estimates of $1.17, while revenue of $190.28 million also surpassed expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $55.20.
• The company declared a quarterly dividend of $0.35 per share, equivalent to a 2.6% annualized yield. Meanwhile, insiders sold 66,352 shares worth about $3.49 million over the past 90 days.

Empowered Funds LLC lifted its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 19.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 212,358 shares of the bank's stock after buying an additional 35,269 shares during the quarter. Empowered Funds LLC owned about 0.50% of OFG Bancorp worth $8,592,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP bought a new position in OFG Bancorp in the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC increased its stake in shares of OFG Bancorp by 250.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock worth $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. bought a new position in shares of OFG Bancorp during the second quarter worth approximately $97,000. Royal Bank of Canada lifted its holdings in OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank's stock worth $158,000 after purchasing an additional 1,736 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in OFG Bancorp during the 2nd quarter worth approximately $162,000. Institutional investors own 92.73% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Benchmark started coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a "hold" rating on the stock. Truist Financial boosted their target price 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. Zacks Research upgraded shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $55.20.

OFG Bancorp Stock Performance

NYSE:OFG opened at $53.88 on Friday. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 10.61 and a beta of 0.69. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.98. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a fifty day moving average price of $50.23 and a 200-day moving average price of $45.10.

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

OFG Bancorp Announces Dividend

The company also recently announced 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 is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. OFG Bancorp's payout ratio is presently 27.56%.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the company's stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total transaction of $533,500.00. Following the sale, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This represents a 15.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 66,352 shares of company stock valued at $3,491,362. Company insiders own 1.23% of the company's stock.

About OFG Bancorp

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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