Empowered Funds LLC Grows Stake in OFG Bancorp $OFG

Key Points

• Empowered Funds LLC increased its OFG Bancorp stake by 19.9% in the first quarter, reaching 212,358 shares worth approximately $8.6 million. Institutional investors collectively own 92.73% of the bank.
• OFG Bancorp exceeded quarterly expectations, reporting $1.39 in EPS versus the $1.17 consensus and revenue of $190.32 million versus $182.64 million expected.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and a $54 average price target. The company also declared a quarterly dividend of $0.35 per share, while CEO Jose Rafael Fernandez sold 52,352 shares.

Empowered Funds LLC boosted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 19.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 212,358 shares of the bank's stock after purchasing an additional 35,269 shares during the quarter. Empowered Funds LLC owned about 0.50% of OFG Bancorp worth $8,592,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in OFG. Quarry LP bought a new position in OFG Bancorp in the 3rd quarter worth approximately $35,000. EverSource Wealth Advisors LLC grew its holdings in OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after buying an additional 1,095 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $97,000. Quantbot Technologies LP bought a new stake in shares of OFG Bancorp during the second quarter valued at approximately $162,000. Finally, Arcus Capital Partners LLC purchased a new position in shares of OFG Bancorp in the first quarter worth $206,000. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

NYSE:OFG opened at $52.92 on Friday. The stock's fifty day moving average is $48.72 and its 200 day moving average is $44.24. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $53.30. The firm has a market capitalization of $2.24 billion, a PE ratio of 10.42 and a beta of 0.70. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.86 and a current ratio of 0.88.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.22. The company had revenue of $190.32 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the company earned $1.15 earnings per share. On average, sell-side analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current 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 issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is 27.56%.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction dated 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 transaction, the chief executive officer directly owned 152,657 shares of the company's stock, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.23% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OFG shares. Truist Financial upped their target price on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Wells Fargo & Company increased their price objective on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Finally, Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. 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 company. According to data from MarketBeat, OFG Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

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.

Want to see what other hedge funds are holding OFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OFG Bancorp (NYSE:OFG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.