Vanguard Group Inc. Sells 119,095 Shares of OFG Bancorp $OFG

Key Points

• Vanguard reduced its stake in OFG Bancorp by 2.1% in the fourth quarter, selling 119,095 shares and leaving it with 5.45 million shares worth about $223.4 million. Vanguard still owns roughly 12.4% of the bank.
• OFG Bancorp received mixed analyst views, with recent target-price increases from Truist, Piper Sandler, and Wells Fargo, while Zacks upgraded the stock to strong-buy. Overall, the consensus rating remains Moderate Buy with a $47.20 target price.
• The bank is returning cash to shareholders through a new $200 million share repurchase program and a quarterly dividend of $0.35 per share, payable July 15. The dividend implies a 3.0% yield and an annualized payout of $1.40 per share.

Vanguard Group Inc. decreased its position in OFG Bancorp (NYSE:OFG - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,450,648 shares of the bank's stock after selling 119,095 shares during the quarter. Vanguard Group Inc. owned approximately 12.40% of OFG Bancorp worth $223,368,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in OFG. Royal Bank of Canada raised its holdings in OFG Bancorp by 8.8% in the first quarter. Royal Bank of Canada now owns 30,489 shares of the bank's stock worth $1,221,000 after purchasing an additional 2,456 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock worth $1,069,000 after purchasing an additional 552 shares in the last quarter. Quantbot Technologies LP bought a new position in OFG Bancorp in the second quarter worth $162,000. Arrowstreet Capital Limited Partnership raised its holdings in OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank's stock worth $3,500,000 after purchasing an additional 31,816 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in OFG Bancorp by 250.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank's stock worth $66,000 after purchasing an additional 1,095 shares in the last quarter. Institutional investors own 92.73% of the company's stock.

Insider Buying and Selling at OFG Bancorp

In other news, Director Annette Franqui purchased 1,540 shares of OFG Bancorp stock in a transaction that occurred 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 approximately $144,686.40. The trade was a 81.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OFG has been the subject of a number of analyst reports. Truist Financial raised their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Piper Sandler reaffirmed a "neutral" rating and set a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Wells Fargo & Company raised their target price on shares of OFG Bancorp from $43.00 to $45.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. Finally, Zacks Research raised shares of OFG Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.20.

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $46.04 on Friday. OFG Bancorp has a 1-year low of $35.71 and a 1-year high of $46.85. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.86 and a quick ratio of 0.87. The business has a fifty day moving average price of $41.76 and a 200-day moving average price of $41.12. The company has a market capitalization of $1.96 billion, a PE ratio of 9.51 and a beta of 0.72.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The bank reported $1.26 earnings per share for the quarter. OFG Bancorp had a return on equity of 15.62% and a net margin of 23.45%.The firm had revenue of $185.80 million during the quarter. As a group, equities analysts expect that OFG Bancorp will post 4.75 EPS for the current fiscal year.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 28th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to reacquire up to 12% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

OFG Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 annualized dividend and a dividend yield of 3.0%. OFG Bancorp's dividend payout ratio (DPR) is 28.93%.

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.

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