Empowered Funds LLC Buys New Stake in OFG Bancorp (NYSE:OFG)

Empowered Funds LLC bought a new position in shares of OFG Bancorp (NYSE:OFG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 107,985 shares of the bank's stock, valued at approximately $4,570,000. Empowered Funds LLC owned about 0.24% of OFG Bancorp at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in OFG. GAMMA Investing LLC increased its stake in shares of OFG Bancorp by 48.9% in the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank's stock worth $34,000 after acquiring an additional 263 shares during the period. XTX Topco Ltd lifted its position in OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank's stock valued at $377,000 after purchasing an additional 413 shares during the period. Martingale Asset Management L P boosted its holdings in OFG Bancorp by 0.5% in the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank's stock valued at $3,918,000 after purchasing an additional 460 shares during the last quarter. KBC Group NV grew its position in OFG Bancorp by 39.7% during the 4th quarter. KBC Group NV now owns 2,620 shares of the bank's stock worth $111,000 after purchasing an additional 745 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of OFG Bancorp by 56.7% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank's stock valued at $115,000 after buying an additional 926 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now owns 284,775 shares of the company's stock, valued at $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.11% of the company's stock.

OFG Bancorp Price Performance

Shares of NYSE:OFG traded down $1.60 during trading on Friday, reaching $41.74. 580,362 shares of the company's stock traded hands, compared to its average volume of 336,227. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. OFG Bancorp has a fifty-two week low of $33.19 and a fifty-two week high of $47.66. The company has a 50-day simple moving average of $42.97 and a 200-day simple moving average of $43.28. The firm has a market cap of $1.92 billion, a PE ratio of 9.89 and a beta of 1.00.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period last year, the company earned $0.98 EPS. As a group, analysts predict that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp announced that its Board of Directors has approved a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date is Monday, March 31st. This is a boost from OFG Bancorp's previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 2.87%. OFG Bancorp's dividend payout ratio is currently 23.70%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wells Fargo & Company upped their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods upped their price objective on OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd.

OFG Bancorp Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.