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

Key Points

• Bank of America initiated a position in OFG Bancorp, purchasing 124,902 shares worth approximately $6.1 million, while institutional investors collectively own 92.73% of the company.
• OFG Bancorp reported quarterly earnings of $1.39 per share, exceeding estimates of $1.17, with revenue of $190.28 million versus the $182.64 million consensus forecast.
• The company declared a quarterly dividend of $0.35 per share, equivalent to a 2.7% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $55.20, while the CEO and CFO have recently sold shares.

Bank of America Corp DE bought a new position in OFG Bancorp (NYSE:OFG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 124,902 shares of the bank's stock, valued at approximately $6,129,000. Bank of America Corp DE owned about 0.30% of OFG Bancorp as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Man Group plc bought a new position in OFG Bancorp in the 2nd quarter valued at $9,050,000. Jupiter Topco LLC purchased a new position in shares of OFG Bancorp in the 2nd quarter worth about $21,094,000. Raffles Associates LP bought a new position in OFG Bancorp during the second quarter valued at about $5,008,000. Hsbc Holdings PLC purchased a new stake in OFG Bancorp during the second quarter worth about $380,000. Finally, PDT Partners LLC purchased a new stake in OFG Bancorp during the second quarter worth about $593,000. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Performance

NYSE OFG opened at $51.96 on Monday. The company's 50 day moving average is $52.49 and its 200-day moving average is $47.57. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.20 billion, a P/E ratio of 10.23 and a beta of 0.68.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $182.64 million. During the same period last year, the firm earned $1.15 EPS. Sell-side analysts predict that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business 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 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 dividend payout ratio is currently 27.56%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OFG. Piper Sandler set a $56.00 target price on shares of OFG Bancorp in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price target on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a "market perform" rating in a report on Wednesday, July 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. Zacks Research lowered OFG Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 21st. Finally, Wells Fargo & Company boosted their target price on OFG Bancorp from $49.00 to $55.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $55.20.

Insiders Place Their Bets

In other news, CEO Jose Fernandez sold 52,352 shares of the firm's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer directly owned 152,657 shares of the company's stock, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Maritza Arizmendi sold 10,000 shares of OFG Bancorp stock in a transaction on Friday, August 14th. The shares were sold at an average price of $53.35, for a total value of $533,500.00. Following the completion of the transaction, the chief financial officer owned 56,684 shares of the company's stock, valued at approximately $3,024,091.40. This trade represents a 15.00% 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 worth $3,491,362 over the last 90 days. Corporate insiders own 1.23% of the company's stock.

OFG Bancorp Company Profile

OFG Bancorp is a financial holding company headquartered in San Juan, Puerto Rico. Through its principal subsidiary, Oriental Bank, the company provides banking and financial services to individuals, businesses and government entities in Puerto Rico.

Oriental Bank offers a range of products and services, including checking and savings accounts, commercial and consumer loans, residential mortgage lending, credit cards, cash management, online and mobile banking, and investment and trust services.

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