Vanguard Group Inc. Sells 119,095 Shares of OFG Bancorp $OFG

Vanguard Group Inc. trimmed its holdings in OFG Bancorp (NYSE:OFG) by 2.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,450,648 shares of the bank’s stock after selling 119,095 shares during the period. Vanguard Group Inc. owned about 0.12% of OFG Bancorp worth $223,368,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Quarry LP bought a new stake in OFG Bancorp in the 3rd quarter worth about $35,000. Wealth Enhancement Advisory Services LLC bought a new stake in OFG Bancorp in the 3rd quarter worth approximately $53,000. EverSource Wealth Advisors LLC grew its position in OFG Bancorp by 250.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,533 shares of the bank’s stock worth $66,000 after purchasing an additional 1,095 shares during the period. Raymond James Financial Inc. bought a new stake in OFG Bancorp in the 2nd quarter worth approximately $97,000. Finally, Quantbot Technologies LP bought a new stake in OFG Bancorp in the 2nd quarter worth approximately $162,000. 92.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OFG has been the subject of a number of research analyst reports. Zacks Research raised shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Truist Financial lifted their target price on shares of OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Piper Sandler restated a “neutral” rating and set a $48.00 price target (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Wells Fargo & Company boosted their price target on OFG Bancorp from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $43.00 price target (down from $50.00) on shares of OFG Bancorp in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.20.

OFG Bancorp Trading Up 0.9%

Shares of OFG stock opened at $46.04 on Friday. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $46.85. The firm has a fifty day moving average price of $41.76 and a 200-day moving average price of $41.12. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.86 and a quick ratio of 0.87. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 9.51 and a beta of 0.72.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 earnings per share (EPS) for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The firm had revenue of $185.80 million during the quarter. As a group, equities analysts predict that OFG Bancorp will post 4.75 earnings per share for the current year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.0%. OFG Bancorp’s payout ratio is presently 28.93%.

OFG Bancorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 28th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the bank to purchase up to 12% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other OFG Bancorp news, Director Annette Franqui acquired 1,540 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was purchased at an average price of $42.06 per share, with a total value of $64,772.40. Following the transaction, the director directly owned 3,440 shares in the company, valued at approximately $144,686.40. The trade was a 81.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.23% of the stock is currently owned by insiders.

OFG Bancorp Company Profile

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.