BNP Paribas Financial Markets Raises Stock Holdings in OFG Bancorp (NYSE:OFG)

BNP Paribas Financial Markets increased its stake in shares of OFG Bancorp (NYSE:OFG - Free Report) by 109.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,302 shares of the bank's stock after acquiring an additional 18,425 shares during the quarter. BNP Paribas Financial Markets owned about 0.08% of OFG Bancorp worth $1,586,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. New Millennium Group LLC acquired a new position in shares of OFG Bancorp in the 2nd quarter valued at $30,000. Blue Trust Inc. raised its stake in OFG Bancorp by 2,377.8% during 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 last quarter. CWM LLC lifted 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 acquiring an additional 1,112 shares during the period. Quarry LP grew its stake in shares of OFG Bancorp by 98.7% in the 2nd quarter. Quarry LP now owns 2,005 shares of the bank's stock valued at $75,000 after purchasing an additional 996 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank's stock valued at $89,000 after purchasing an additional 1,927 shares during the period. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Price Performance

Shares of OFG Bancorp stock traded down $0.28 during trading on Monday, reaching $44.51. The company's stock had a trading volume of 176,194 shares, compared to its average volume of 239,954. The business has a 50 day moving average price of $43.18 and a 200-day moving average price of $41.83. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The company has a market capitalization of $2.04 billion, a P/E ratio of 10.90 and a beta of 1.02. 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 (NYSE:OFG - Get Free Report) last issued its 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 company had revenue of $174.10 million for the quarter, compared to analysts' expectations of $178.25 million. OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. OFG Bancorp's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 earnings per share. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp announced that its board has approved a stock repurchase plan on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

OFG Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders 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 annualized dividend and a yield of 2.25%. OFG Bancorp's payout ratio is currently 24.33%.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the sale, the chief executive officer now owns 284,775 shares of the company's stock, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.