Sei Investments Co. Buys 15,926 Shares of OFG Bancorp $OFG

Sei Investments Co. increased its stake in OFG Bancorp (NYSE:OFG) by 16.4% in the first quarter, Holdings Channel.com reports. The firm owned 112,872 shares of the bank’s stock after purchasing an additional 15,926 shares during the quarter. Sei Investments Co.’s holdings in OFG Bancorp were worth $4,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OFG. Dimensional Fund Advisors LP raised its position in OFG Bancorp by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,565,784 shares of the bank’s stock valued at $103,811,000 after buying an additional 27,774 shares during the last quarter. Intech Investment Management LLC boosted its position in OFG Bancorp by 109.0% during the 4th quarter. Intech Investment Management LLC now owns 148,046 shares of the bank’s stock worth $6,067,000 after acquiring an additional 77,223 shares during the last quarter. Vest Financial LLC boosted its position in OFG Bancorp by 16.5% during the 4th quarter. Vest Financial LLC now owns 141,076 shares of the bank’s stock worth $5,781,000 after acquiring an additional 20,020 shares during the last quarter. CenterBook Partners LP grew its stake in shares of OFG Bancorp by 83.2% during the 4th quarter. CenterBook Partners LP now owns 111,190 shares of the bank’s stock worth $4,557,000 after acquiring an additional 50,508 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of OFG Bancorp during the 1st quarter worth approximately $777,000. Institutional investors and hedge funds own 92.73% of the company’s stock.

OFG Bancorp Trading Down 0.5%

Shares of OFG Bancorp stock opened at $53.16 on Thursday. The business has a fifty day simple moving average of $49.19 and a two-hundred day simple moving average of $44.52. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $53.82. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 10.46 and a beta of 0.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.86.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.22. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. The firm had revenue of $190.32 million during the quarter, compared to analysts’ expectations of $182.64 million. During the same period in the previous year, the business posted $1.15 earnings per share. Research analysts forecast that OFG Bancorp will post 5.05 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio is currently 27.56%.

Insider Transactions at OFG Bancorp

In other OFG Bancorp news, CEO Jose Rafael Fernandez sold 52,352 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.45, for a total transaction of $2,745,862.40. Following the completion of the sale, the chief executive officer directly owned 152,657 shares in the company, valued at $8,006,859.65. This trade represents a 25.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OFG has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. Truist Financial increased their price objective on OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Wells Fargo & Company increased their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, OFG Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

OFG Bancorp 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.