Man Group plc purchased a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 184,424 shares of the bank's stock, valued at approximately $9,050,000. Man Group plc owned approximately 0.44% of OFG Bancorp at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the company. Unison Advisors LLC grew its position in shares of OFG Bancorp by 0.7% in the 1st 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 during the period. Trexquant Investment LP raised 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 period. 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 valued at $358,000 after purchasing an additional 466 shares during the last quarter. California State Teachers Retirement System lifted its stake 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after purchasing an additional 552 shares during the period. Institutional investors and hedge funds own 92.73% of the company's stock.
OFG Bancorp Price Performance
Shares of NYSE OFG opened at $52.52 on Friday. The firm has a market cap of $2.22 billion, a P/E ratio of 10.34 and a beta of 0.69. 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 has a 1-year low of $35.71 and a 1-year high of $54.47. The business's 50 day moving average is $51.29 and its 200-day moving average is $45.97.
OFG Bancorp (NYSE:OFG - Get Free Report) last released 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 return on equity of 15.92% and a net margin of 24.08%.The business had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. During the same period in the previous year, the company posted $1.15 EPS. Equities research analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.
OFG Bancorp Dividend Announcement
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 dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. OFG Bancorp's dividend payout ratio (DPR) is currently 27.56%.
Insider Activity
In related news, CEO Jose Rafael Fernandez sold 52,352 shares of the company's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $52.45, for a total value of $2,745,862.40. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $53.35, for a total transaction of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 66,352 shares of company stock valued at $3,491,362. 1.23% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
OFG has been the topic of a number of recent analyst reports. Zacks Research raised OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Wells Fargo & Company lifted their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. Keefe, Bruyette & Woods raised their price target 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, Benchmark assumed coverage on shares of OFG Bancorp in a report on Tuesday, July 14th. They issued a "hold" rating on the stock. One research 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 MarketBeat.com, OFG Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.20.
Check Out Our Latest Analysis on OFG
OFG Bancorp Company Profile
(
Free Report)
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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