OFG Bancorp $OFG Position Boosted by Rhumbline Advisers

Rhumbline Advisers boosted its position in OFG Bancorp (NYSE:OFG) by 18.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 156,826 shares of the bank’s stock after buying an additional 24,786 shares during the period. Rhumbline Advisers’ holdings in OFG Bancorp were worth $6,820,000 as of its most recent SEC filing.

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

OFG Bancorp Price Performance

Shares of NYSE:OFG opened at $42.65 on Monday. The firm’s 50 day moving average is $41.25 and its two-hundred day moving average is $41.76. The firm has a market capitalization of $1.87 billion, a P/E ratio of 9.31 and a beta of 0.75. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. OFG Bancorp has a 52 week low of $33.15 and a 52 week high of $46.11.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.27 earnings per share (EPS) for the quarter, topping 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 business had revenue of $185.37 million during the quarter, compared to the consensus estimate of $184.17 million. During the same period in the previous year, the firm posted $1.09 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis. Analysts anticipate that OFG Bancorp will post 4.18 earnings per share for the current year.

OFG Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.35 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 31st. OFG Bancorp’s dividend payout ratio (DPR) is presently 26.20%.

OFG Bancorp declared that its Board of Directors has initiated a share repurchase plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of recent research reports. Zacks Research upgraded shares of OFG Bancorp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of OFG Bancorp in a research note on Monday, December 29th. Truist Financial decreased their target price on OFG Bancorp from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, January 26th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $43.00 target price (down from $50.00) on shares of OFG Bancorp in a report on Friday, January 23rd. Finally, Wells Fargo & Company cut their price target on OFG Bancorp from $48.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $45.83.

Insider Buying and Selling

In related news, insider Cesar A. Ortiz sold 5,500 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $42.17, for a total value of $231,935.00. Following the completion of the transaction, the insider owned 351 shares in the company, valued at $14,801.67. This represents a 94.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Annette Franqui bought 1,540 shares of the stock in a transaction on Friday, February 20th. The shares were bought at an average cost of $42.06 per share, for a total transaction of $64,772.40. Following the purchase, the director owned 3,440 shares in the company, valued at $144,686.40. This trade represents a 81.05% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 2.16% of the company’s stock.

About OFG Bancorp

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.