OFG Bancorp (NYSE:OFG) Stake Cut by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC cut its holdings in shares of OFG Bancorp (NYSE:OFG) by 55.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,511 shares of the bank’s stock after selling 9,391 shares during the quarter. Janney Montgomery Scott LLC’s holdings in OFG Bancorp were worth $318,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in shares of OFG Bancorp by 48.9% during the fourth quarter. GAMMA Investing LLC now owns 801 shares of the bank’s stock worth $34,000 after purchasing an additional 263 shares during the period. Blue Trust Inc. lifted its position in OFG Bancorp by 2,377.8% in 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 in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of OFG Bancorp by 4,014.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,975 shares of the bank’s stock valued at $89,000 after buying an additional 1,927 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of OFG Bancorp by 736.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,385 shares of the bank’s stock valued at $101,000 after acquiring an additional 2,100 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in shares of OFG Bancorp by 56.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,559 shares of the bank’s stock worth $115,000 after acquiring an additional 926 shares during the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Insider Transactions at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 50,000 shares of OFG Bancorp stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $45.24, for a total value of $2,262,000.00. Following the transaction, 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 this hyperlink. 3.11% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on OFG. 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 research report on Thursday, January 23rd. Wells Fargo & Company lifted their price target on OFG Bancorp from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Finally, Piper Sandler dropped 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 Trading Up 1.9 %

Shares of NYSE:OFG opened at $43.99 on Wednesday. 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 stock has a market capitalization of $2.02 billion, a PE ratio of 10.42 and a beta of 1.00. OFG Bancorp has a 1 year low of $33.19 and a 1 year high of $47.66. The firm has a fifty day moving average price of $43.11 and a 200 day moving average price of $43.32.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.09 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 quarter last year, the business posted $0.98 EPS. Analysts expect that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp declared that its Board of Directors has approved a stock buyback program on Monday, October 28th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

OFG Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.30 dividend. This is a positive change from OFG Bancorp’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.73%. OFG Bancorp’s dividend payout ratio (DPR) is currently 23.70%.

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.