Tudor Investment Corp ET AL Increases Stake in OFG Bancorp $OFG

Key Points

• Tudor Investment Corp ET AL increased its stake in OFG Bancorp by 23.7% in Q3, adding 34,653 shares to hold 180,897 shares worth about $7.87 million (roughly 0.41% of the company), amid institutional ownership of 92.73%.
• OFG announced a $200 million share buyback authorization (up to 12% of shares) and raised its quarterly dividend to $0.35 (annualized $1.40, ~3.4% yield), signaling management confidence in the stock.
• The bank beat quarterly expectations with $1.27 EPS vs. $1.16 expected and revenue of $185.37 million, while analysts expect about 4.18 EPS for the year and the consensus price target is approximately $45.83.

Tudor Investment Corp ET AL lifted its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 23.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,897 shares of the bank's stock after acquiring an additional 34,653 shares during the period. Tudor Investment Corp ET AL owned 0.41% of OFG Bancorp worth $7,867,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Quarry LP purchased a new position in shares of OFG Bancorp during the 3rd quarter worth about $35,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of OFG Bancorp during the 3rd quarter worth about $53,000. EverSource Wealth Advisors LLC lifted its holdings in shares of OFG Bancorp by 250.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock worth $66,000 after acquiring an additional 1,095 shares during the period. Raymond James Financial Inc. purchased a new position in shares of OFG Bancorp during the 2nd quarter worth about $97,000. Finally, Quantbot Technologies LP purchased a new position in shares of OFG Bancorp during the 2nd quarter worth about $162,000. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at OFG Bancorp

In other news, Director Annette Franqui acquired 1,540 shares of the stock in a transaction on Friday, February 20th. The stock was bought at an average price of $42.06 per share, with a total value of $64,772.40. Following the completion of the transaction, the director directly owned 3,440 shares of the company's stock, valued at $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.23% of the stock is owned by company insiders.

OFG Bancorp Stock Up 0.9%

OFG opened at $41.72 on Tuesday. The firm has a 50 day moving average price of $40.51 and a 200 day moving average price of $40.96. The company has a market cap of $1.77 billion, a PE ratio of 9.11 and a beta of 0.67. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 0.87.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.11. OFG Bancorp had a net margin of 22.72% and a return on equity of 15.21%. The company had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same quarter last year, the company earned $1.09 earnings per share. OFG Bancorp's revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts expect that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its board has authorized a share repurchase program on Wednesday, January 28th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to buy up to 12% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.4%. This is a positive change from OFG Bancorp's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, March 31st. OFG Bancorp's dividend payout ratio is 30.57%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OFG. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $43.00 price objective (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Truist Financial dropped their target price on shares of OFG Bancorp from $48.00 to $44.00 and set a "buy" rating for the company in a research report on Monday, January 26th. Piper Sandler started coverage on shares of OFG Bancorp in a research report on Thursday, January 15th. They set a "neutral" rating and a $45.00 target price for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of OFG Bancorp in a research report on Monday, December 29th. Finally, Zacks Research raised shares of OFG Bancorp from a "strong sell" rating to a "hold" rating in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $45.83.

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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