Quantbot Technologies LP Invests $1.03 Million in OFG Bancorp $OFG

Quantbot Technologies LP acquired a new stake in shares of OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,046 shares of the bank’s stock, valued at approximately $1,033,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of OFG. Unison Advisors LLC boosted its stake in OFG Bancorp by 0.7% in the 1st quarter. Unison Advisors LLC now owns 30,823 shares of the bank’s stock worth $1,258,000 after purchasing an additional 221 shares in the last quarter. Trexquant Investment LP increased its stake in OFG Bancorp by 0.4% during the 4th quarter. Trexquant Investment LP now owns 102,933 shares of the bank’s stock valued at $4,218,000 after purchasing an additional 446 shares in the last quarter. Polymer Capital Management US LLC increased its stake in OFG Bancorp by 5.6% during the 4th quarter. Polymer Capital Management US LLC now owns 8,740 shares of the bank’s stock valued at $358,000 after purchasing an additional 466 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of OFG Bancorp by 1.2% in the second quarter. California State Teachers Retirement System now owns 42,955 shares of the bank’s stock worth $1,838,000 after buying an additional 506 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of OFG Bancorp by 2.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock worth $1,069,000 after buying an additional 552 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $52.29 on Thursday. The company has a 50 day simple moving average of $51.07 and a two-hundred day simple moving average of $45.85. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 10.29 and a beta of 0.69. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. OFG Bancorp has a 12 month low of $35.71 and a 12 month high of $54.47.

OFG Bancorp (NYSE:OFG) last released its quarterly earnings data on Tuesday, July 21st. The bank reported $1.39 earnings per share 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 $190.28 million for the quarter, compared to analyst estimates of $182.64 million. During the same quarter in the prior year, the business earned $1.15 earnings per share. As a group, analysts predict that OFG Bancorp will post 5.05 earnings per share 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 given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 30th. OFG Bancorp’s dividend payout ratio (DPR) is currently 27.56%.

Insider Buying and Selling at OFG Bancorp

In other news, CEO Jose Rafael Fernandez sold 52,352 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.45, for a total value of $2,745,862.40. Following the completion of the transaction, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. The trade was a 25.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jesus Nestor De sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total value of $212,000.00. Following the completion of the sale, the director owned 20,040 shares in the company, valued at $1,062,120. The trade was a 16.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 66,352 shares of company stock worth $3,491,362. Insiders own 1.23% of the company’s stock.

Analyst Ratings Changes

OFG has been the topic 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 report on Wednesday, July 29th. Wells Fargo & Company raised their target price on OFG Bancorp from $49.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Truist Financial lifted their price target on OFG Bancorp from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Benchmark assumed coverage on OFG Bancorp in a research note on Tuesday, July 14th. They set a “hold” rating on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of OFG Bancorp in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.20.

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.