Sanctuary Advisors LLC Takes Position in OFG Bancorp (NYSE:OFG)

Sanctuary Advisors LLC bought a new stake in OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 12,478 shares of the bank’s stock, valued at approximately $453,000.

Other hedge funds also recently modified their holdings of the company. New Millennium Group LLC bought a new position in shares of OFG Bancorp in the 2nd quarter valued at about $30,000. CWM LLC boosted its stake in shares of OFG Bancorp by 147.1% in the 2nd quarter. CWM LLC now owns 1,868 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,112 shares during the last quarter. Quarry LP boosted 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. 1620 Investment Advisors Inc. acquired a new stake in shares of OFG Bancorp in the 2nd quarter valued at approximately $90,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of OFG Bancorp in the 1st quarter valued at approximately $121,000. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Performance

Shares of OFG stock opened at $41.37 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $1.94 billion, a P/E ratio of 10.58 and a beta of 0.98. The company’s 50 day moving average price is $43.71 and its two-hundred day moving average price is $40.02. OFG Bancorp has a 52 week low of $28.32 and a 52 week high of $47.57.

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

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.42%. OFG Bancorp’s dividend payout ratio (DPR) is currently 25.58%.

Insiders Place Their Bets

In other OFG Bancorp news, Director Jorge Colon sold 33,081 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $45.73, for a total transaction of $1,512,794.13. Following the sale, the director now directly owns 70,919 shares in the company, valued at approximately $3,243,125.87. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.11% of the company’s stock.

Analysts Set New Price Targets

OFG has been the topic of a number of analyst reports. Hovde Group increased their price target on shares of OFG Bancorp from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Piper Sandler initiated coverage on shares of OFG Bancorp in a research report on Monday, August 26th. They issued an “overweight” rating and a $49.00 price target on the stock. Finally, Wells Fargo & Company increased their price target on shares of OFG Bancorp from $40.00 to $48.00 and gave the company an “overweight” rating in a research 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.