EMC Capital Management Buys 8,766 Shares of OFG Bancorp (NYSE:OFG)

EMC Capital Management boosted its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 92.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 18,214 shares of the bank's stock after purchasing an additional 8,766 shares during the quarter. OFG Bancorp comprises about 0.4% of EMC Capital Management's holdings, making the stock its 15th biggest holding. EMC Capital Management's holdings in OFG Bancorp were worth $771,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Foundry Partners LLC purchased a new stake in shares of OFG Bancorp during the third quarter valued at approximately $6,038,000. Marshall Wace LLP purchased a new stake in OFG Bancorp during the 2nd quarter valued at $2,112,000. Intech Investment Management LLC increased its holdings in shares of OFG Bancorp by 411.3% in the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank's stock worth $2,892,000 after purchasing an additional 51,798 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of OFG Bancorp by 293.2% in the second quarter. Renaissance Technologies LLC now owns 63,700 shares of the bank's stock worth $2,386,000 after purchasing an additional 47,500 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of OFG Bancorp by 83.6% during the third quarter. Barclays PLC now owns 96,045 shares of the bank's stock valued at $4,314,000 after purchasing an additional 43,738 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors.

OFG Bancorp Stock Performance

NYSE:OFG traded down $0.55 on Monday, hitting $42.16. The stock had a trading volume of 145,726 shares, compared to its average volume of 338,886. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 9.99 and a beta of 1.00. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.26. The business's 50-day simple moving average is $43.47 and its two-hundred day simple moving average is $43.42.

OFG Bancorp (NYSE:OFG - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same quarter last year, the business earned $0.98 earnings per share. As a group, research 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 plan on Monday, October 28th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.30 dividend. 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 2.85%. The ex-dividend date of this dividend is Monday, March 31st. OFG Bancorp's dividend payout ratio (DPR) is currently 23.70%.

Insider Activity at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares in the company, 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 is accessible through the SEC website. 2.16% of the stock is owned by company insiders.

Analyst Ratings Changes

OFG has been the subject of several research analyst reports. Piper Sandler reduced their price objective on OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. Wells Fargo & Company lifted their price target on shares of OFG Bancorp from $45.00 to $48.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of OFG Bancorp from $53.00 to $55.00 and gave the stock an "outperform" rating in a 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.