KBC Group NV Acquires 745 Shares of OFG Bancorp (NYSE:OFG)

KBC Group NV lifted its stake in shares of OFG Bancorp (NYSE:OFG) by 39.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,620 shares of the bank’s stock after purchasing an additional 745 shares during the period. KBC Group NV’s holdings in OFG Bancorp were worth $111,000 at the end of the most recent reporting period.

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

OFG Bancorp Stock Down 0.7 %

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

OFG Bancorp (NYSE:OFG) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. OFG Bancorp had a net margin of 22.71% and a return on equity of 15.80%. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, equities 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 repurchase plan on Monday, October 28th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the bank to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

OFG Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.30 per share. This is an increase from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.75%. OFG Bancorp’s dividend payout ratio (DPR) is 23.70%.

Insiders Place Their Bets

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of the firm’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 owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. This trade represents a 14.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.16% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.