OFG Bancorp $OFG Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its OFG Bancorp stake by 28.4% in the first quarter to 132,507 shares worth approximately $5.36 million. Institutional investors and hedge funds collectively own 92.73% of the company.
• OFG Bancorp reported quarterly earnings of $1.39 per share, beating estimates of $1.17, while revenue of $190.28 million also exceeded expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $55.20.
• The company declared a quarterly dividend of $0.35 per share, equivalent to an annualized $1.40 dividend and a 2.7% yield. Meanwhile, insiders sold 66,352 shares worth about $3.49 million over the past three months.

Bank of America Corp DE lifted its stake in OFG Bancorp (NYSE:OFG - Free Report) by 28.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,507 shares of the bank's stock after buying an additional 29,269 shares during the quarter. Bank of America Corp DE owned approximately 0.31% of OFG Bancorp worth $5,361,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Trust Advisors LP grew its position in OFG Bancorp by 13.8% during the first quarter. First Trust Advisors LP now owns 2,321,924 shares of the bank's stock valued at $93,945,000 after buying an additional 281,593 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of OFG Bancorp by 31.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank's stock valued at $23,720,000 after purchasing an additional 133,046 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in OFG Bancorp in the 4th quarter worth about $4,224,000. Squarepoint Ops LLC raised its holdings in OFG Bancorp by 990.9% in the 4th quarter. Squarepoint Ops LLC now owns 101,746 shares of the bank's stock worth $4,170,000 after purchasing an additional 92,419 shares during the period. Finally, Jane Street Group LLC boosted its position in OFG Bancorp by 518.1% during the second quarter. Jane Street Group LLC now owns 109,427 shares of the bank's stock worth $4,683,000 after purchasing an additional 91,723 shares in the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 4,000 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director directly owned 20,040 shares of the company's stock, valued at $1,062,120. This trade represents a 16.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jose Rafael Fernandez sold 52,352 shares of the business's 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 transaction, the chief executive officer directly owned 152,657 shares in the company, valued at approximately $8,006,859.65. The trade was a 25.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 66,352 shares of company stock worth $3,491,362 in the last three months. 1.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on OFG. 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. Zacks Research raised OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Benchmark assumed coverage on shares of OFG Bancorp in a research note on Tuesday, July 14th. They issued a "hold" rating on the stock. Truist Financial upped their price objective 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. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.20.

OFG Bancorp Trading Down 0.4%

Shares of OFG stock opened at $52.02 on Friday. OFG Bancorp has a fifty-two week low of $35.71 and a fifty-two week high of $54.47. 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's fifty day moving average is $51.17 and its two-hundred day moving average is $45.93. The firm has a market capitalization of $2.20 billion, a P/E ratio of 10.24 and a beta of 0.69.

OFG Bancorp (NYSE:OFG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share 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 period in the previous year, the business posted $1.15 earnings per share. Research analysts expect that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid 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 yield of 2.7%. OFG Bancorp's payout ratio is 27.56%.

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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