Legal & General Group Plc Makes New Investment in OFG Bancorp $OFG

Key Points

• Legal & General Group acquired 94,783 OFG Bancorp shares worth approximately $4.65 million, giving it a 0.22% stake. Institutional investors collectively own 92.73% of the bank.
• OFG insiders sold 66,352 shares valued at about $3.49 million over the past 90 days, including significant sales by the CEO and CFO.
• OFG exceeded quarterly earnings expectations, reporting EPS of $1.39 versus the $1.17 consensus and revenue of $190.28 million. Analysts maintain a “Moderate Buy” consensus with a $55.20 price target, while the company declared a quarterly dividend of $0.35 per share.

Legal & General Group Plc purchased a new stake in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 94,783 shares of the bank's stock, valued at approximately $4,651,000. Legal & General Group Plc owned 0.22% of OFG Bancorp as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, CFO Maritza Arizmendi sold 10,000 shares of the business's stock in a transaction on Friday, August 14th. The shares were 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 approximately $3,024,091.40. The trade was a 15.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jose Fernandez sold 52,352 shares of the 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 completion of the transaction, the chief executive officer 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,352 shares of company stock valued at $3,491,362 over the last ninety days. Company insiders own 1.23% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on OFG shares. Truist Financial increased their target price on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Piper Sandler set a $56.00 price objective on OFG Bancorp in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price objective on OFG Bancorp from $52.00 to $57.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company boosted their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.20.

OFG Bancorp Trading Down 0.0%

OFG opened at $52.69 on Friday. The business has a 50 day simple moving average of $51.63 and a two-hundred day simple moving average of $46.29. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 10.37 and a beta of 0.68. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. OFG Bancorp has a one year low of $35.71 and a one year high of $54.47.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results 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 net margin of 24.08% and a return on equity of 15.92%. The company had revenue of $190.28 million for the quarter, compared to analysts' expectations of $182.64 million. During the same quarter in the previous year, the company earned $1.15 earnings per share. Analysts predict that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The company also recently declared 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 is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. OFG Bancorp's payout ratio is currently 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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