Geode Capital Management LLC Raises Stock Position in OFG Bancorp (NYSE:OFG)

Geode Capital Management LLC boosted its position in shares of OFG Bancorp (NYSE:OFG) by 0.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,080,937 shares of the bank’s stock after acquiring an additional 4,398 shares during the quarter. Geode Capital Management LLC owned about 2.36% of OFG Bancorp worth $48,565,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OFG. American Century Companies Inc. lifted its position in shares of OFG Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 966,945 shares of the bank’s stock valued at $36,212,000 after buying an additional 136,813 shares in the last quarter. Foundry Partners LLC purchased a new stake in shares of OFG Bancorp in the 3rd quarter valued at approximately $6,038,000. Marshall Wace LLP acquired a new stake in shares of OFG Bancorp during the second quarter worth about $2,112,000. X Square Capital LLC boosted its stake in shares of OFG Bancorp by 46.7% in the second quarter. X Square Capital LLC now owns 167,057 shares of the bank’s stock valued at $6,256,000 after purchasing an additional 53,190 shares during the period. Finally, Intech Investment Management LLC grew its stake in OFG Bancorp by 411.3% during the 3rd quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after purchasing an additional 51,798 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OFG. Piper Sandler reduced their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Keefe, Bruyette & Woods boosted their price target on shares of OFG Bancorp from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company increased their price target 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 Stock Performance

Shares of OFG opened at $42.56 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. The business’s fifty day moving average price is $43.21 and its 200 day moving average price is $42.30. OFG Bancorp has a 12-month low of $33.19 and a 12-month high of $47.66. The stock has a market capitalization of $1.95 billion, a PE ratio of 10.36 and a beta of 1.02.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The firm had revenue of $174.10 million for the quarter, compared to the consensus estimate of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. Equities research analysts forecast that OFG Bancorp will post 4.11 EPS for the current year.

OFG Bancorp Announces Dividend

The firm 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. This represents a $1.00 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s payout ratio is 24.33%.

OFG Bancorp declared that its board has authorized a share buyback plan on Monday, October 28th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were 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 $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.11% of the company’s stock.

OFG Bancorp 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.