The Manufacturers Life Insurance Company Takes $845,000 Position in OFG Bancorp $OFG

The Manufacturers Life Insurance Company bought a new position in OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 17,218 shares of the bank’s stock, valued at approximately $845,000.

A number of other hedge funds have also added to or reduced their stakes in OFG. Allworth Financial LP bought a new position in shares of OFG Bancorp during the 2nd quarter valued at $31,000. Quarry LP bought a new position in OFG Bancorp in the third quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its position in OFG Bancorp by 250.0% in the second 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of OFG Bancorp during the 2nd quarter valued at about $97,000. Finally, Royal Bank of Canada increased its position in shares of OFG Bancorp by 80.2% during the 1st quarter. Royal Bank of Canada now owns 3,901 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,736 shares during the last quarter. 92.73% of the stock is currently owned by hedge funds and other institutional investors.

OFG Bancorp Stock Performance

Shares of NYSE OFG opened at $53.19 on Friday. The firm has a fifty day moving average price of $51.71 and a 200-day moving average price of $46.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $2.25 billion, a PE ratio of 10.47 and a beta of 0.68. OFG Bancorp has a 1 year low of $35.71 and a 1 year high of $54.47.

OFG Bancorp (NYSE:OFG) last released its earnings results on Tuesday, July 21st. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.22. The company had revenue of $190.28 million for the quarter, compared to analysts’ expectations of $182.64 million. OFG Bancorp had a net margin of 24.08% and a return on equity of 15.92%. During the same quarter in the previous year, the company earned $1.15 EPS. Equities analysts anticipate that OFG Bancorp will post 5.05 earnings per share for the current fiscal year.

OFG Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, September 30th. OFG Bancorp’s payout ratio is presently 27.56%.

Insider Activity

In other news, Director Néstor de Jesús 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 transaction, the director owned 20,040 shares of the company’s stock, valued at $1,062,120. This represents a 16.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jose Fernandez sold 52,352 shares of the 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 sale, the chief executive officer owned 152,657 shares of the company’s stock, valued at $8,006,859.65. This represents a 25.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 66,352 shares of company stock worth $3,491,362 over the last ninety days. Corporate insiders own 1.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OFG has been the topic of a number of research reports. Piper Sandler set a $56.00 price objective on shares of OFG Bancorp in a report on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Truist Financial boosted their price objective on shares of OFG Bancorp from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. 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 report on Monday, August 10th. Finally, Benchmark started coverage on OFG Bancorp in a research report on Tuesday, July 14th. They set a “hold” rating on the stock. 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. According to MarketBeat, OFG Bancorp has a consensus rating of “Moderate Buy” and a consensus 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.