Ieq Capital LLC Takes $1.08 Million Position in OFG Bancorp $OFG

Ieq Capital LLC acquired a new position in OFG Bancorp (NYSE:OFG) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 22,004 shares of the bank’s stock, valued at approximately $1,080,000. Ieq Capital LLC owned 0.05% of OFG Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Royal Bank of Canada grew its position in OFG Bancorp by 8.8% during the 1st quarter. Royal Bank of Canada now owns 30,489 shares of the bank’s stock worth $1,221,000 after acquiring an additional 2,456 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of OFG Bancorp by 2.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,719 shares of the bank’s stock valued at $1,069,000 after purchasing an additional 552 shares during the period. Quantbot Technologies LP purchased a new stake in shares of OFG Bancorp during the second quarter valued at approximately $162,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of OFG Bancorp by 63.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 81,787 shares of the bank’s stock worth $3,500,000 after purchasing an additional 31,816 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of 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. Institutional investors own 92.73% of the company’s stock.

OFG Bancorp Stock Up 0.5%

Shares of NYSE OFG opened at $52.29 on Thursday. 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. The firm has a market capitalization of $2.21 billion, a PE ratio of 10.29 and a beta of 0.69. The firm has a fifty day simple moving average of $51.07 and a two-hundred day simple moving average of $45.85.

OFG Bancorp (NYSE:OFG) last posted its earnings results on Tuesday, July 21st. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.17 by $0.22. The firm had revenue of $190.28 million during 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 period last year, the company posted $1.15 EPS. Equities analysts expect that OFG Bancorp will post 5.05 earnings per share for the current year.

OFG Bancorp Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Wednesday, September 30th. This represents a $1.40 annualized dividend and a yield of 2.7%. OFG Bancorp’s dividend payout ratio (DPR) is 27.56%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of OFG Bancorp from $49.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, August 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. Weiss Ratings restated a “buy (b)” rating on shares of OFG Bancorp in a research report on Friday, July 10th. Keefe, Bruyette & Woods upped their price objective on shares of OFG Bancorp from $52.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Zacks Research upgraded shares of OFG Bancorp from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

Insiders Place Their Bets

In other OFG Bancorp news, Director Jesus Nestor De sold 4,000 shares of OFG Bancorp stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $53.00, for a total transaction of $212,000.00. Following the sale, the director directly owned 20,040 shares of the company’s stock, valued at approximately $1,062,120. The trade was a 16.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Maritza Arizmendi sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $53.35, for a total value of $533,500.00. Following the transaction, the chief financial officer owned 56,684 shares in the company, valued at $3,024,091.40. This trade represents a 15.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,352 shares of company stock worth $3,491,362 over the last three months. Company insiders own 1.23% of the company’s stock.

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.