Squarepoint Ops LLC Acquires 26,278 Shares of OFG Bancorp $OFG

Key Points

• Squarepoint Ops increased its OFG Bancorp stake by 12.9%, buying 26,278 shares to own 229,218 shares valued at approximately $11.25 million. Institutional investors collectively hold 92.73% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $55.20, while OFG recently exceeded earnings expectations with quarterly EPS of $1.39 versus the $1.17 consensus.
• OFG declared a quarterly dividend of $0.35, equivalent to a $1.40 annualized payout and a 2.7% yield. However, company insiders sold 66,352 shares worth roughly $3.49 million over the past 90 days.

Squarepoint Ops LLC lifted its holdings in shares of OFG Bancorp (NYSE:OFG - Free Report) by 12.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 229,218 shares of the bank's stock after buying an additional 26,278 shares during the period. Squarepoint Ops LLC owned about 0.54% of OFG Bancorp worth $11,248,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP acquired a new stake in OFG Bancorp in the second quarter valued at about $31,000. Quarry LP bought a new position in shares of OFG Bancorp in the third quarter worth about $35,000. Nykredit A S bought a new position in shares of OFG Bancorp in the second quarter worth about $43,000. EverSource Wealth Advisors LLC boosted its stake in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock valued at $66,000 after purchasing an additional 1,095 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at approximately $97,000. 92.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OFG shares. Piper Sandler set a $56.00 price target on shares of OFG Bancorp in a report on Wednesday, July 22nd. Zacks Research raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a research report on Friday, July 10th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Truist Financial upped their price target on shares of OFG Bancorp from $55.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, OFG Bancorp has an average rating of "Moderate Buy" and a consensus target price of $55.20.

Insider Buying and Selling at OFG Bancorp

In other news, CFO Maritza Arizmendi sold 10,000 shares of the firm'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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jose Fernandez sold 52,352 shares of OFG Bancorp stock in a transaction on 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 transaction, the chief executive officer owned 152,657 shares in the company, valued at approximately $8,006,859.65. This trade represents a 25.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 66,352 shares of company stock worth $3,491,362. 1.23% of the stock is currently owned by company insiders.

OFG Bancorp Stock Performance

NYSE:OFG opened at $52.19 on Thursday. The stock has a market cap of $2.21 billion, a P/E ratio of 10.27 and a beta of 0.68. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock's 50-day moving average is $51.90 and its 200-day moving average is $46.59. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $54.47.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same quarter in the prior year, the firm posted $1.15 earnings per share. Equities research analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.