JPMorgan Chase & Co. Has $38.26 Million Holdings in OFG Bancorp (NYSE:OFG)

JPMorgan Chase & Co. lowered its position in shares of OFG Bancorp (NYSE:OFG - Free Report) by 1.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 851,714 shares of the bank's stock after selling 14,464 shares during the period. JPMorgan Chase & Co. owned approximately 1.86% of OFG Bancorp worth $38,259,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. State Street Corp raised its holdings in shares of OFG Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,177,560 shares of the bank's stock worth $98,354,000 after purchasing an additional 19,372 shares during the period. Geode Capital Management LLC lifted its holdings in shares of OFG Bancorp by 0.4% in the third quarter. Geode Capital Management LLC now owns 1,080,937 shares of the bank's stock valued at $48,565,000 after buying an additional 4,398 shares during the period. American Century Companies Inc. lifted its holdings in OFG Bancorp by 16.5% in the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank's stock valued at $36,212,000 after acquiring an additional 136,813 shares during the last quarter. Wellington Management Group LLP lifted its stake in OFG Bancorp by 2.6% during the third quarter. Wellington Management Group LLP now owns 769,727 shares of the bank's stock valued at $34,576,000 after purchasing an additional 19,599 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of OFG Bancorp by 8.1% during the 3rd quarter. FMR LLC now owns 205,745 shares of the bank's stock worth $9,242,000 after acquiring an additional 15,498 shares in the last quarter. Institutional investors and hedge funds own 92.73% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on OFG. Keefe, Bruyette & Woods increased their price target on OFG Bancorp from $49.00 to $53.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Wells Fargo & Company decreased their target price on shares of OFG Bancorp from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Monday. Finally, Piper Sandler cut their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th.

Insider Buying and Selling at OFG Bancorp

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total value of $2,262,000.00. Following the completion of the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.11% of the company's stock.

OFG Bancorp Stock Down 0.3 %

OFG Bancorp stock traded down $0.13 during mid-day trading on Monday, hitting $42.26. The company's stock had a trading volume of 258,124 shares, compared to its average volume of 246,475. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 52-week low of $33.19 and a 52-week high of $47.66. The firm's 50 day moving average is $43.53 and its 200 day moving average is $42.74. The company has a market cap of $1.94 billion, a PE ratio of 10.28 and a beta of 1.02.

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

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. OFG Bancorp's payout ratio is 24.33%.

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

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.