JPMorgan Chase & Co. Sells 14,464 Shares of OFG Bancorp (NYSE:OFG)

JPMorgan Chase & Co. cut its holdings in shares of OFG Bancorp (NYSE:OFG) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 851,714 shares of the bank’s stock after selling 14,464 shares during the period. JPMorgan Chase & Co. owned 1.86% of OFG Bancorp worth $38,259,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its stake in OFG Bancorp by 2,377.8% during the 3rd quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after buying an additional 1,070 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in OFG Bancorp by 4,014.6% in the third quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock worth $89,000 after acquiring an additional 1,927 shares in the last quarter. Quarry LP increased its holdings in shares of OFG Bancorp by 98.7% during the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after acquiring an additional 996 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in OFG Bancorp by 56.7% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock worth $115,000 after purchasing an additional 926 shares in the last quarter. Finally, CWM LLC increased its stake in OFG Bancorp by 138.1% during the 3rd quarter. CWM LLC now owns 4,448 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,580 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Buying and Selling

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 50,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the completion of the transaction, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. This represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.11% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on OFG shares. Piper Sandler cut their target price on OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of OFG Bancorp from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods increased their price objective 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.

OFG Bancorp Stock Up 1.9 %

OFG Bancorp stock opened at $42.39 on Monday. OFG Bancorp has a 52 week low of $33.19 and a 52 week high of $47.66. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 10.31 and a beta of 1.02. The business’s 50-day moving average price is $43.53 and its 200 day moving average price is $42.74. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.21.

OFG Bancorp (NYSE:OFG) last announced 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). OFG Bancorp had a return on equity of 15.69% and a net margin of 22.68%. The firm had revenue of $174.10 million for the quarter, compared to analysts’ expectations of $178.25 million. During the same period last year, the company posted $0.95 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that OFG Bancorp will post 4.11 earnings per share for the current year.

OFG Bancorp announced that its board has approved a stock buyback program on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

OFG Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. OFG Bancorp’s dividend payout ratio is presently 24.33%.

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.