VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 28,287 OFG Bancorp $OFG

Key Points

• Virginia Retirement Systems purchased 28,287 shares of OFG Bancorp worth approximately $1.39 million, while institutional investors collectively own 92.73% of the stock.
• OFG Bancorp exceeded quarterly earnings expectations, reporting $1.39 in EPS versus the $1.17 consensus estimate and revenue of $190.28 million. The company also declared a quarterly dividend of $0.35, implying a 2.7% annualized yield.
• Analyst sentiment remains positive, with an average “Moderate Buy” rating and a $55.20 target price; however, insiders sold 66,352 shares worth about $3.49 million during the last quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in OFG Bancorp (NYSE:OFG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 28,287 shares of the bank's stock, valued at approximately $1,388,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.07% of OFG Bancorp as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Unison Advisors LLC increased its position in OFG Bancorp by 0.7% during the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank's stock valued at $1,258,000 after purchasing an additional 221 shares during the period. Trexquant Investment LP boosted its stake in OFG Bancorp by 0.4% during the fourth quarter. Trexquant Investment LP now owns 102,933 shares of the bank's stock worth $4,218,000 after acquiring an additional 446 shares in the last quarter. Polymer Capital Management US LLC boosted its stake in OFG Bancorp by 5.6% during the fourth quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank's stock worth $358,000 after acquiring an additional 466 shares in the last quarter. California State Teachers Retirement System grew its holdings in OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank's stock worth $1,838,000 after purchasing an additional 506 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank's stock valued at $1,069,000 after purchasing an additional 552 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Trading Up 0.1%

NYSE:OFG opened at $52.63 on Friday. The company's 50 day moving average price is $52.02 and its 200-day moving average price is $46.71. OFG Bancorp has a 52 week low of $35.71 and a 52 week 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 stock has a market cap of $2.22 billion, a price-to-earnings ratio of 10.36 and a beta of 0.68.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $190.28 million during the quarter, compared to the consensus estimate of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same quarter last year, the firm earned $1.15 earnings per share. On average, equities research analysts forecast that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Announces Dividend

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

Analyst Ratings Changes

OFG has been the topic of several recent research reports. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday, July 14th. They issued a "hold" rating on the stock. Truist Financial lifted their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on 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 research note on Friday, July 10th. Finally, Zacks Research upgraded OFG Bancorp from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, OFG Bancorp has an average rating of "Moderate Buy" and an average target price of $55.20.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Fernandez sold 52,352 shares of the business'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 owned 152,657 shares in the company, valued at $8,006,859.65. The trade was a 25.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Néstor de Jesús sold 4,000 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $53.00, for a total value of $212,000.00. Following the transaction, the director directly owned 20,040 shares in the company, valued at approximately $1,062,120. The trade was a 16.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,352 shares of company stock worth $3,491,362 over the last quarter. 1.23% of the stock is currently owned by insiders.

OFG Bancorp 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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