Raffles Associates LP Acquires 12,000 Shares of OFG Bancorp (NYSE:OFG)

Raffles Associates LP lifted its holdings in shares of OFG Bancorp (NYSE:OFG) by 9.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,067 shares of the bank’s stock after buying an additional 12,000 shares during the quarter. OFG Bancorp comprises approximately 6.0% of Raffles Associates LP’s investment portfolio, making the stock its 4th biggest holding. Raffles Associates LP owned about 0.30% of OFG Bancorp worth $5,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. New Millennium Group LLC bought a new stake in OFG Bancorp in the second quarter valued at approximately $30,000. CWM LLC raised its stake 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 buying an additional 1,112 shares during the period. 1620 Investment Advisors Inc. bought a new position in OFG Bancorp during the second quarter worth about $90,000. EntryPoint Capital LLC acquired a new position in OFG Bancorp in the first quarter valued at about $121,000. Finally, Lazard Asset Management LLC increased its holdings in shares of OFG Bancorp by 206.6% in the first quarter. Lazard Asset Management LLC now owns 4,161 shares of the bank’s stock worth $153,000 after acquiring an additional 2,804 shares in the last quarter. 92.73% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Jorge Colon sold 33,081 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $45.73, for a total value of $1,512,794.13. Following the sale, the director now directly owns 70,919 shares of the company’s stock, valued at approximately $3,243,125.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.11% of the company’s stock.

OFG Bancorp Stock Down 0.5 %

Shares of OFG stock opened at $44.46 on Tuesday. The firm’s fifty day moving average price is $43.96 and its two-hundred day moving average price is $39.16. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. OFG Bancorp has a 1 year low of $28.21 and a 1 year high of $47.57. The firm has a market capitalization of $2.09 billion, a P/E ratio of 11.37 and a beta of 0.99.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $1.08 EPS for the quarter, beating the consensus estimate of $0.96 by $0.12. OFG Bancorp had a return on equity of 16.25% and a net margin of 22.95%. The firm had revenue of $179.40 million during the quarter, compared to analysts’ expectations of $176.09 million. During the same period in the prior year, the firm posted $0.93 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities analysts predict that OFG Bancorp will post 4.27 EPS for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.25%. The ex-dividend date is Monday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 25.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They set an “overweight” rating and a $49.00 price objective for the company. Hovde Group boosted their price target on OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company increased their price objective on OFG Bancorp from $40.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd.

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.