OFG Bancorp (NYSE:OFG) Holdings Trimmed by Raffles Associates LP

Raffles Associates LP lowered its position in shares of OFG Bancorp (NYSE:OFG) by 14.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 120,067 shares of the bank’s stock after selling 21,000 shares during the quarter. OFG Bancorp accounts for 5.5% of Raffles Associates LP’s investment portfolio, making the stock its 5th largest holding. Raffles Associates LP owned 0.26% of OFG Bancorp worth $5,393,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. New Millennium Group LLC purchased a new stake in shares of OFG Bancorp during the 2nd quarter worth approximately $30,000. Blue Trust Inc. boosted its position in OFG Bancorp by 2,377.8% during the third quarter. Blue Trust Inc. now owns 1,115 shares of the bank’s stock worth $50,000 after purchasing an additional 1,070 shares in the last quarter. CWM LLC boosted its position in OFG Bancorp by 147.1% during the second quarter. CWM LLC now owns 1,868 shares of the bank’s stock worth $70,000 after purchasing an additional 1,112 shares in the last quarter. Farther Finance Advisors LLC grew 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 valued at $89,000 after purchasing an additional 1,927 shares during the last quarter. Finally, Quarry LP increased its position in shares of OFG Bancorp by 98.7% in the second quarter. Quarry LP now owns 2,005 shares of the bank’s stock valued at $75,000 after buying an additional 996 shares in the last quarter. Hedge funds and other institutional investors own 92.73% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their price objective on shares of OFG Bancorp from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th.

OFG Bancorp Price Performance

OFG stock opened at $45.60 on Friday. The stock’s 50 day moving average price is $43.07 and its 200 day moving average price is $41.46. The firm has a market cap of $2.09 billion, a P/E ratio of 11.09 and a beta of 1.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current 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 posted its quarterly earnings data on Wednesday, October 16th. The bank reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $174.10 million for the quarter, compared to analyst estimates of $178.25 million. OFG Bancorp had a net margin of 22.68% and a return on equity of 15.69%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. On average, sell-side analysts expect that OFG Bancorp will post 4.11 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. OFG Bancorp’s dividend payout ratio is presently 24.33%.

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

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.