Thrivent Financial for Lutherans Invests $4.27 Million in OFG Bancorp $OFG

Thrivent Financial for Lutherans purchased a new stake in shares of OFG Bancorp (NYSE:OFG) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 98,229 shares of the bank’s stock, valued at approximately $4,272,000.

Other large investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in OFG Bancorp in the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC lifted its stake in shares of OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock valued at $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. purchased a new stake in OFG Bancorp during the second quarter worth $97,000. Quantbot Technologies LP acquired a new stake in OFG Bancorp during the second quarter valued at $162,000. Finally, Smith Shellnut Wilson LLC ADV purchased a new position in OFG Bancorp in the second quarter valued at $209,000. 92.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OFG has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. Zacks Research raised OFG Bancorp from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 14th. Truist Financial dropped their price objective on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, January 26th. Wells Fargo & Company reduced their target price on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating for the company in a research note on Monday, October 27th. Finally, Piper Sandler assumed coverage on OFG Bancorp in a research report on Thursday, January 15th. They set a “neutral” rating and a $45.00 target price on the stock. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $45.83.

OFG Bancorp Stock Performance

Shares of NYSE:OFG opened at $40.99 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.87 and a quick ratio of 0.85. OFG Bancorp has a 1 year low of $33.15 and a 1 year high of $46.11. The firm has a market capitalization of $1.80 billion, a PE ratio of 8.95 and a beta of 0.75. The business’s 50 day moving average price is $41.01 and its 200-day moving average price is $41.82.

OFG Bancorp (NYSE:OFG) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 EPS for the quarter, beating the consensus estimate of $1.16 by $0.11. OFG Bancorp had a return on equity of 15.21% and a net margin of 22.72%.The firm had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same period in the prior year, the company earned $1.09 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 3.4%. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.20%.

OFG Bancorp announced that its board has initiated a stock buyback program on Wednesday, January 28th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the bank to purchase up to 12% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at OFG Bancorp

In other OFG Bancorp news, Director Jesus Nestor De sold 2,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the sale, the director owned 22,690 shares in the company, valued at approximately $960,013.90. This represents a 8.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cesar A. Ortiz sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $42.17, for a total transaction of $231,935.00. Following the completion of the transaction, the insider directly owned 351 shares in the company, valued at $14,801.67. This trade represents a 94.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 62,500 shares of company stock worth $2,564,302 in the last 90 days. 3.11% of the stock is currently owned by insiders.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.