Barclays PLC Boosts Stake in OFG Bancorp (NYSE:OFG)

Barclays PLC boosted its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 83.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,045 shares of the bank's stock after purchasing an additional 43,738 shares during the quarter. Barclays PLC owned approximately 0.21% of OFG Bancorp worth $4,314,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OFG. Louisiana State Employees Retirement System increased its stake in shares of OFG Bancorp by 1.3% during the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the bank's stock worth $884,000 after buying an additional 300 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of OFG Bancorp by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 511,543 shares of the bank's stock valued at $19,157,000 after purchasing an additional 2,757 shares in the last quarter. Bailard Inc. raised its holdings in shares of OFG Bancorp by 17.4% in the 2nd quarter. Bailard Inc. now owns 10,111 shares of the bank's stock valued at $379,000 after purchasing an additional 1,500 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of OFG Bancorp by 4.5% during the second quarter. Panagora Asset Management Inc. now owns 269,508 shares of the bank's stock worth $10,093,000 after purchasing an additional 11,603 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in OFG Bancorp in the second quarter valued at $177,000. Institutional investors and hedge funds own 92.73% of the company's stock.

Insiders Place Their Bets

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 sale, the chief executive officer now directly owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.11% of the stock is currently owned by insiders.

OFG Bancorp Stock Performance

Shares of OFG stock traded up $0.81 during mid-day trading on Friday, hitting $41.81. 1,842,576 shares of the stock were exchanged, compared to its average volume of 249,206. The stock's fifty day simple moving average is $43.21 and its two-hundred day simple moving average is $42.25. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 0.86. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 10.17 and a beta of 1.02.

OFG Bancorp (NYSE:OFG - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. On average, analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its Board of Directors has authorized a stock buyback program on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its shares are undervalued.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is currently 24.33%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OFG. Piper Sandler decreased their price target on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. Keefe, Bruyette & Woods upped their price target on OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd.

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.