OFG Bancorp $OFG Shares Bought by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP increased its stake in OFG Bancorp (NYSE:OFG - Free Report) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,565,784 shares of the bank's stock after acquiring an additional 27,774 shares during the period. Dimensional Fund Advisors LP owned approximately 6.04% of OFG Bancorp worth $103,811,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Arcus Capital Partners LLC bought a new position in OFG Bancorp during the 1st quarter valued at $206,000. Allspring Global Investments Holdings LLC raised its stake in shares of OFG Bancorp by 11.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,842 shares of the bank's stock worth $762,000 after buying an additional 1,943 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of OFG Bancorp by 22.7% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,969 shares of the bank's stock valued at $282,000 after buying an additional 1,287 shares during the period. Principal Financial Group Inc. boosted its stake in OFG Bancorp by 5.5% during the first quarter. Principal Financial Group Inc. now owns 274,211 shares of the bank's stock valued at $11,095,000 after buying an additional 14,281 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in OFG Bancorp during the first quarter valued at about $489,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Insiders Place Their Bets

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly owned 152,657 shares of the company's stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.23% of the company's stock.

OFG Bancorp Price Performance

OFG stock opened at $53.13 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.32. OFG Bancorp has a one year low of $35.71 and a one year high of $53.30. The firm has a market capitalization of $2.25 billion, a PE ratio of 10.46 and a beta of 0.70. The firm has a 50-day moving average of $48.29 and a two-hundred day moving average of $44.03.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The company had revenue of $190.32 million during the quarter, compared to analysts' expectations of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same period last year, the company posted $1.15 earnings per share. On average, analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp's payout ratio is presently 27.56%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OFG. Truist Financial boosted their price target 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 objective on shares of OFG Bancorp in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted 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 note on Wednesday, July 22nd. Zacks Research downgraded shares of OFG Bancorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a research note on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" 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.

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