GAMMA Investing LLC Purchases 263 Shares of OFG Bancorp (NYSE:OFG)

GAMMA Investing LLC increased its position in shares of OFG Bancorp (NYSE:OFG) by 48.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 801 shares of the bank’s stock after buying an additional 263 shares during the quarter. GAMMA Investing LLC’s holdings in OFG Bancorp were worth $34,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System increased its holdings in OFG Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 13,180 shares of the bank’s stock worth $494,000 after purchasing an additional 247 shares in the last quarter. XTX Topco Ltd boosted its position in shares of OFG Bancorp by 5.2% during the third quarter. XTX Topco Ltd now owns 8,387 shares of the bank’s stock valued at $377,000 after buying an additional 413 shares during the last quarter. Martingale Asset Management L P grew its holdings in OFG Bancorp by 0.5% during the third quarter. Martingale Asset Management L P now owns 87,215 shares of the bank’s stock worth $3,918,000 after buying an additional 460 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in OFG Bancorp by 3.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,893 shares of the bank’s stock valued at $895,000 after buying an additional 886 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position 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 valued at $115,000 after buying an additional 926 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on OFG shares. Keefe, Bruyette & Woods increased their target price on shares of OFG Bancorp from $49.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Wells Fargo & Company dropped their target price on shares of OFG Bancorp from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Finally, 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.

OFG Bancorp Stock Performance

NYSE:OFG opened at $42.73 on Wednesday. The company has a market capitalization of $1.96 billion, a P/E ratio of 10.40 and a beta of 1.02. The business has a fifty day simple moving average of $43.65 and a two-hundred day simple moving average of $42.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.86 and a quick ratio of 0.86. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66.

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

OFG Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Tuesday, December 31st. OFG Bancorp’s payout ratio is presently 24.33%.

OFG Bancorp announced that its Board of Directors has authorized a stock repurchase plan on Monday, October 28th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp 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 sale, the chief executive officer now directly owns 284,775 shares of the company’s stock, valued at approximately $12,883,221. The trade was a 14.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.11% of the company’s stock.

About OFG Bancorp

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.