Blue Trust Inc. Has $93,000 Stake in OFG Bancorp (NYSE:OFG)

Blue Trust Inc. lifted its position in shares of OFG Bancorp (NYSE:OFG) by 84.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,061 shares of the bank’s stock after purchasing an additional 946 shares during the period. Blue Trust Inc.’s holdings in OFG Bancorp were worth $93,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Foundry Partners LLC bought a new position in OFG Bancorp during the 3rd quarter worth $6,038,000. Intech Investment Management LLC increased its position in OFG Bancorp by 411.3% during the third quarter. Intech Investment Management LLC now owns 64,391 shares of the bank’s stock worth $2,892,000 after acquiring an additional 51,798 shares during the period. Barclays PLC raised its stake in OFG Bancorp by 83.6% in the 3rd quarter. Barclays PLC now owns 96,045 shares of the bank’s stock worth $4,314,000 after purchasing an additional 43,738 shares in the last quarter. Range Financial Group LLC bought a new stake in OFG Bancorp in the 4th quarter valued at about $1,795,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of OFG Bancorp during the 3rd quarter worth approximately $1,271,000. 92.73% of the stock is owned by institutional investors and hedge funds.

OFG Bancorp Stock Performance

NYSE OFG opened at $43.65 on Friday. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 10.34 and a beta of 1.00. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.26. The firm’s 50 day simple moving average is $43.17 and its 200 day simple moving average is $43.40.

OFG Bancorp (NYSE:OFG) last released its earnings results on Wednesday, January 22nd. The bank reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. OFG Bancorp had a return on equity of 15.80% and a net margin of 22.71%. During the same period in the previous year, the firm earned $0.98 EPS. As a group, research analysts expect that OFG Bancorp will post 4.18 earnings per share for the current fiscal year.

OFG Bancorp announced that its board has authorized a share buyback program on Monday, October 28th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

OFG Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from OFG Bancorp’s previous quarterly dividend of $0.25. OFG Bancorp’s payout ratio is presently 23.70%.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total transaction of $2,262,000.00. Following the sale, the chief executive officer now directly owns 284,775 shares in the company, valued at approximately $12,883,221. The trade was a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OFG. Piper Sandler dropped their price target on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Keefe, Bruyette & Woods lifted their price objective on OFG Bancorp from $53.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Finally, Wells Fargo & Company increased their target price on OFG Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd.

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.