Susquehanna International Group LLP Sells 19,111 Shares of OFG Bancorp $OFG

Key Points

• Susquehanna International Group cut its OFG Bancorp stake by 51.6%, selling 19,111 shares and retaining 17,928 shares valued at approximately $880,000. Institutional investors collectively own 92.73% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $55.20. Truist raised its target to $58, while Zacks upgraded the stock to “strong buy.”
• OFG Bancorp reported quarterly EPS of $1.39, beating estimates by $0.22, and revenue of $190.28 million. The company declared a quarterly dividend of $0.35 per share, representing a 2.7% annualized yield.

Susquehanna International Group LLP decreased its stake in OFG Bancorp (NYSE:OFG - Free Report) by 51.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,928 shares of the bank's stock after selling 19,111 shares during the period. Susquehanna International Group LLP's holdings in OFG Bancorp were worth $880,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in OFG. BlackRock Inc. acquired a new stake in OFG Bancorp during the second quarter worth approximately $302,289,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in OFG Bancorp in the second quarter worth $24,993,000. Jupiter Topco LLC bought a new stake in OFG Bancorp in the second quarter valued at $21,094,000. Deutsche Bank AG bought a new stake in OFG Bancorp in the second quarter valued at $20,652,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of OFG Bancorp during the second quarter valued at about $18,687,000. 92.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on OFG shares. Zacks Research raised OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Truist Financial boosted their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Piper Sandler set a $56.00 target price on OFG Bancorp in a research report on Wednesday, July 22nd. Benchmark initiated coverage on shares of OFG Bancorp in a research report on Tuesday, July 14th. They issued a "hold" rating for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of OFG Bancorp in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.20.

Insiders Place Their Bets

In other news, Director Jesus Nestor De sold 4,000 shares of the business's stock in a transaction that occurred 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 transaction, the director owned 20,040 shares in the company, valued at $1,062,120. The trade was a 16.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Maritza Arizmendi sold 10,000 shares of the company's stock in a transaction that occurred 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 directly owned 56,684 shares of the company's stock, valued at approximately $3,024,091.40. This represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 66,352 shares of company stock valued at $3,491,362. Corporate insiders own 1.23% of the company's stock.

OFG Bancorp Trading Up 0.2%

Shares of OFG Bancorp stock opened at $52.52 on Monday. The stock has a fifty day simple moving average of $51.29 and a 200 day simple moving average of $46.00. OFG Bancorp has a 12-month low of $35.71 and a 12-month high of $54.47. The company has a market capitalization 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 (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.22. The business had revenue of $190.28 million for the quarter, compared to analysts' expectations of $182.64 million. OFG Bancorp had a return on equity of 15.92% and a net margin of 24.08%.During the same period last year, the business earned $1.15 EPS. On average, sell-side analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp's dividend payout ratio (DPR) is presently 27.56%.

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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