Fmr LLC Increases Stock Holdings in OFG Bancorp (NYSE:OFG)

FMR LLC boosted its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 8.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 205,745 shares of the bank's stock after purchasing an additional 15,498 shares during the quarter. FMR LLC owned approximately 0.45% of OFG Bancorp worth $9,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Millennium Group LLC purchased a new stake in shares of OFG Bancorp in the second quarter valued at approximately $30,000. Blue Trust Inc. increased its position in shares of OFG Bancorp by 2,377.8% in the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank's stock valued at $50,000 after acquiring an additional 1,070 shares during the period. CWM LLC grew its position in OFG Bancorp by 147.1% during the 2nd quarter. CWM LLC now owns 1,868 shares of the bank's stock worth $70,000 after purchasing an additional 1,112 shares during the period. Quarry LP grew its position in OFG Bancorp by 98.7% during the 2nd quarter. Quarry LP now owns 2,005 shares of the bank's stock worth $75,000 after purchasing an additional 996 shares during the period. Finally, Farther Finance Advisors LLC grew its position in OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock worth $89,000 after purchasing an additional 1,927 shares during the period. 92.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

OFG Bancorp Trading Down 0.9 %

NYSE:OFG traded down $0.40 on Thursday, reaching $43.86. 314,919 shares of the company's stock were exchanged, compared to its average volume of 239,732. The business has a fifty day moving average of $43.24 and a 200-day moving average of $41.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 10.77 and a beta of 1.02.

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

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp's dividend payout ratio is presently 24.33%.

OFG Bancorp declared that its board has initiated a stock buyback program on Monday, October 28th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to buy up to 2.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the stock in a transaction 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 $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Company 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.