Empowered Funds LLC Makes New $10.60 Million Investment in OFG Bancorp $OFG

Key Points

• Empowered Funds LLC acquired 216,017 shares of OFG Bancorp during the second quarter, worth approximately $10.6 million and representing about 0.51% of the company. Institutional investors collectively own 92.73% of OFG’s outstanding shares.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $55.20. Recent targets range from $55 to $57, while Zacks upgraded the stock to “Strong Buy.”
• OFG Bancorp reported quarterly EPS of $1.39, beating estimates of $1.17, and revenue of $190.28 million. The company declared a quarterly dividend of $0.35, equal to a 2.7% annualized yield.

Empowered Funds LLC acquired a new stake 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 institutional investor acquired 216,017 shares of the bank's stock, valued at approximately $10,600,000. Empowered Funds LLC owned about 0.51% of OFG Bancorp at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OFG. Unison Advisors LLC increased its position in OFG Bancorp by 0.7% during the first quarter. Unison Advisors LLC now owns 30,823 shares of the bank's stock worth $1,258,000 after purchasing an additional 221 shares during the last quarter. Trexquant Investment LP boosted its holdings in shares of OFG Bancorp by 0.4% in the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank's stock valued at $4,218,000 after purchasing an additional 446 shares during the last quarter. Polymer Capital Management US LLC grew its stake in shares of OFG Bancorp by 5.6% during the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank's stock valued at $358,000 after buying an additional 466 shares during the period. California State Teachers Retirement System grew its stake in shares of OFG Bancorp by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 42,955 shares of the bank's stock valued at $1,838,000 after buying an additional 506 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of OFG Bancorp by 2.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after buying an additional 552 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on OFG shares. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. Wells Fargo & Company boosted their price objective on shares of OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Finally, Keefe, Bruyette & Woods increased 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 report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.20.

Insider Activity

In other OFG Bancorp news, Director Jesus Nestor De sold 4,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total transaction of $212,000.00. Following the transaction, the director directly owned 20,040 shares in the company, valued at $1,062,120. This represents a 16.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the firm's stock in a transaction 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 transaction, the chief financial officer directly owned 56,684 shares of the company's stock, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by insiders.

OFG Bancorp Price Performance

Shares of OFG stock opened at $52.52 on Friday. The firm has a fifty day simple moving average of $51.29 and a 200-day simple moving average of $45.97. The company has a market capitalization of $2.22 billion, a PE ratio of 10.34 and a beta of 0.69. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $54.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data 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 net margin of 24.08% and a return on equity of 15.92%. 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 previous year, the business posted $1.15 EPS. Equities research analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp's dividend 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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